HT Weekend Watchlist- Trade Ideas for Next Week

Humbled Trader's Weekly Stock Picks & Market Update

Author

Humbled Trader
August 18, 2024

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Notable: high short interest

ASTS $31.45

  • The stock rallied to new highs after the company announced five satellites are on target to launch in September.

  • The stock seems to be starting a parabolic trend.

  • If it’s able to consolidate around the $29s KL short term, we could potentially see it retest highs of $35+.

  • Staying neutral until the stock proves KL consolidation. If it breaks down $29 KL it’s no longer a long idea. It has some downside to go to $24-26.

  • Position Disclosure: No Position

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Data points provided by Stox scanner

GOVX $7.06

  • The stock rallied after news of Mpox outbreak is declared by the WHO.

  • This move could have more legs IF the spread of the disease worsens and is discussed even more in the media.

  • Key level is around $6.4s. IF the stock is able to hold the KL, we could see more continuation to the upside.

  • Some other related stocks in the vaccine space are: VRAX, SIGA.

  • Position Disclosure: No Position

Data points provided by Stox scanner

LUMN $6.02

  • Very bullish consolidation and uptrend on the daily.

  • Staying bullish on the name, as long as the stock can hold the $5-$5.10 KL. We could potentially see more continuation to the upside towards $7-$8+.

  • However, if KL breaks down, and the stock breaks below the last line in the sand of $4.5s, it’s no longer a trade idea for longs.

  • This is a potential idea for both day trading and swing trade.

  • Position Disclosure: No position

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🗞️ Market movers you might’ve missed:

- Cingulate Inc. ($CING) Cingulate issued European patent for CTx-1301 for ADHD
- How we traded: Former High-of-Day Long

- Starbucks Corp. ($SBUX) Starbucks names EX-Chipotle CEO new CEO.
- How we traded: Backside Long

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📣 Inflation Data Spurs Investor Optimism for Fed Rate Cut

Recent inflation data has made investors confident that the Federal Reserve will implement an initial interest rate cut next month, likely a quarter-point reduction rather than a larger half-point cut. The consumer-price index showed a 2.9% rise in prices over the past year, slightly below expectations.

In response to the report, stock indexes rose, with the Nasdaq Composite leading a weekly gain of 5.47%, followed by the S&P 500 (3.93%) and DOW (2.94%).

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