Insider Financial covers the stocks we are watching this week.
Stocks covered in this video include SPY, QQQ, DIA, IWM, TLT, PSNY, LDI, RVLV, TRUP, UHAL, FUBO, BABA, MRVI, ORGN, TNXP.
Video Summary
What a difference a week makes! Wall Street's benchmark index charged to its best weekly advance since late October last year. The gauge also snapped a four-week losing streak, and is now just 2% below its record close.
All major indices have seen a V shaped bounce and filled the carry trade crash gap (Except $IWM is which still 3 points below from filling back its gap at $215). The point is a lot of the easy money has been made and the market will likely chop until there is another catalyst.
The next major catalysts are jobless claims next Thursday and Powell’s speech at Jackson hole on Friday. If the stock market likes both catalysts next week the S&P, $QQQ Dow and $IWM should all retest their highs.
The $QQQ has gaps to fill above at $480 and $495 those would be the next targets if $QQQ trades above $477. I would turn bearish on $QQQ if it trades below $460.
S&P via $SPY has a gap to fill above at $565, if $SPY can trade above $555. I would turn bearish on $SPY if $SPY trades below $540.
The Small Cap Index ($IWM) below has a big gap to fill at $215 and if $IWM trades above that gap at $216 or higher, $IWM can retest its high at $225. I would turn bearish on $IWM if $IWM trades below $205.
Some stock charts that I like.
PSNY
LDI
RVLV 27% SI
TRUP 37% SI
UHAL 21% SI
FUBO 15% SI
BABA finally breaking out. Alibaba ($BABA) JP Morgan raises to Overweight with a $105 PT.
Maravai LifeSciences may be worth $15 to $20 a share in a potential takeover based on precedent transactions, according to an RBC analyst, after a report that Repligen.
Origin Materials (NASDAQ: ORGN) was +30% in Friday's trading to an 11-month high after reporting a Q2 loss but announcing a major milestone with its first major customer signed for PET caps and closures. The company expects to generate $100M in revenues during the initial two-year term.
Tonix Pharmaceuticals (as part of a broader rally of rival vaccine developers after the company said its experimental mpox shot could be a single-dose regimen.
Bottom Line
As we keep saying, there are always opportunities in the markets, and it’s our job to find winning stocks to trade. Huge gains can be made in such a short amount of time.
It’s essential to look for stocks that have yet to run. There are plenty of opportunities, and we look at hundreds of stocks weekly for our subscribers.
Remember, all it takes is one or two to become a winner, and you’ve crushed the market indices (and Jim Cramer) for the year.
Good luck to all (except the shorts and Cramer)!
WHEN INSIDER FINANCIAL HAS A NEW COMPANY TO RESEARCH, IT IS IMPORTANT TO PAY ATTENTION. AFTER ALL, OUR FREE NEWSLETTER PROFILED MANY TRIPLE-DIGIT WINNERS FOR SUBSCRIBERS. WE ALWAYS ARE LOOKING FOR MOMENTUM BEFORE IT HAPPENS!
Disclosure: We have not been compensated for this article/video. Insider Financial is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.
Discover Hidden Gems
Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.
