The market’s bouncing back hard right now, and it’s reminding me of the move we saw back in March and April.
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Back in March, everything got hit at once. The Iran mess had oil spiking and the market got nervous about AI spending (all that money going into infrastructure with nothing to show for it yet).
The S&P dropped close to 8% on all of it.
Then in April, the market ripped all of that back and then some. One of the best months for stocks in five years. Chips and AI led the bounce.
That’s the setup I’m watching for again. Not saying it plays out the same way, but the shape looks familiar.
As long as we don’t get a 2% down day, I’m staying aggressive with my trading.
These are my top picks from this week’s watchlist…
4 Stocks I’m Watching This Week
AMC
AMC Entertainment Holdings, Inc (NYSE: AMC) put in a solid hammer candle Friday. I’m setting alerts in the $2.6s to watch for a cup-and-handle breakout over $3.00, using the $2.40 to $2.50 zone as my risk.
That zone never traded Monday. The stock topped out at 2.58 and closed at 2.42, under my own risk zone. Still on the list, still waiting on it.
SPCX
Target: $150
Space Exploration Technologies Corp (NASDAQ: SPCX) ripped 20 to 30% off its earnings low on Friday. I missed the long, so now I’m watching for a tap of $150 to grab a small short.
Most of you can’t take that side of the trade. I can, so I’m watching $150 to bet against it.
If you’re long SPCX and riding this move, take gains at $150.
SpaceX closed well under $150 Monday. Hasn’t happened yet either way.
HGRAF
My Price Target: $6.00
HydroGraph Clean Power Inc (OTCQB: HGRAF) makes graphene, a material used in things like batteries and coatings. The company’s presenting at an investor conference in Boston this week, and another one next week. That kind of thing can get new eyes on a stock.
It’s already holding near its highs, sitting around $5. Nobody’s dumping it, which tells me the buyers are still winning this fight.
This could be an interesting buy.
NLST
My Price Target $5.00
Netlist, Inc (OTCQB: NLST) makes memory chips and has been suing bigger chip companies over patents for years. Last week it settled a massive lawsuit, with Samsung agreeing to buy a stake in the company.
Meanwhile, they’re still in the middle of another case against Micron for the same kind of patents. That one’s still ongoing. Any news on the Micron suit could bring more volume to a chart that already looks promising.
Same kind of setup here, but I’m watching the reaction closer given the news. If it holds up or gets a fast dip and rip, I’m in.
Not there yet. Closed flat Monday.
3 Stocks I’m Holding
Since people ask, here’s a few of the names I’ve got open right now:
iShares Bitcoin Trust (NASDAQ: IBIT) is a fund that tracks the price of bitcoin.
I’m watching for Bitcoin to make a run towards $70,000 this week. If that happens, IBIT is how I’m positioned for it.
Monday wasn’t that day. It dipped a little over 1%.
iShares Silver Trust (NYSE Arca: SLV) is a fund that tracks the price of silver.
Silver’s had a strong run lately, and Monday added to it. SLV closed up more than 3%, and it closed right near its high for the day.
Hewlett Packard Enterprise Company (NYSE: HPE) makes the gear that data centers run on, so when AI infrastructure spending is the story, HPE tends to catch some of that attention.
It was green Monday too, up close to 3%, but it gave back some of that gain off the early high. Still trending my way. Just not as tight a close as SLV.
Those are the stocks I’m watching, and a few of the ones I’m holding…
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Stay sharp,
Jack Kellogg
*Past performance does not indicate future results
