Free Scan: Stocks To Watch For April 8, 2024

Hopefully, everyone had a great weekend!

This week we have Nate and Chris sharing some market insights and ideas for the week ahead.

Nate’s Market Thoughts and Trade Recaps

It’s been a bit of a different market in the sense that there is PLENTY of action just not as many A+ setups off the open lately.

A lot of the moves are multi-day, i.e., DJT, RDDT, etc. There are lots of gap downs or moves happening overnight and then sideways during the day. The closest to A+ was CGC ACB, but we had a blizzard, generator power, and an untrustworthy internet hot spot. At some point, I’ll stop making excuses and have back-up internet sorted.

So, the focus has been sort of sitting on hands, letting MDIA shorts self-destruct, and then visiting under key levels.

Lately, catch 22 on many names – Too patient?  Not patient enough? Many times, with any huge flush, I’ll cover half, but, in many cases, it’d be better to just cover the entire thing as they’ve been grinding right back to where they came from.

Here are some of the ideas we will discuss in this week’s video:

• Time spent with edge vs. hope? MDIA VVPR CADL CXAI
• Stuff move voided by immediate soak or dip/rip
• Dip/rip voided by a stuff move
• Avoid slow action
• Clean up moves: OGPN OTRK TPET PCSA
• How much do you miss after? IBIO XTIA
• ROOT review chart (3-4 weeks ago discussion divide out price) trips?

We had a great interview with Larry. When he posts in chat, I know he’s trading the stuff I liked but forgot about. A lot of times I see him post a name that I was zoned in on the prior day but slipped off radar today. Also, he’s good with radaring proper large cap names (JPM type names) when we should care (ie: clean trend) so he’s a great resource in IU.

Also, this week, Josh Cherniack is chiming in on broadcast, adding some high-quality macro mid/large cap views instead of the always popular small cap trash that seems to always overtake radars.

Chris’ Market Thoughts and Trade Recaps

We had some good range in the larger markets this week. Using rising bond yields as a guide for puts on things like IWM (small cap index that is interest rate sensitive) worked well, and those are the trades I enjoy a lot these days. Clean, trending correlations where you get the entry right and then just manage the position as it works.

It got a bit messier later in the week when several things came together to cause a sell-off in SPY. Headlines highlighting tensions in the Middle East with Iran, along with Fed speakers starting to talk a bit more about holding off on rate cuts for longer led to a drop which started a bunch of bearish positioning all happening at once.

This tends to happen now and again after periods of low volatility. Since 0DTE options have come along, we’ve seen this trend where funds don’t tend to hedge their long positions all the time. Now they just get hedges when there is a reason to instead of watching their puts decay for weeks or months. The thought process is only to pay for what you need, so sudden put buying and VIX buying can accelerate the down moves in the index and individual names. I was looking for a rally back at the end of the day on Thursday, but it didn’t happen until Friday, so that was a missed opportunity, but that’s how it is sometimes. Onto the next one.

T-Shirt Winners

• Jlemur5922
• Extremelyjosh6837

Video Scan and Game Plan

Nate’s Watch List

DJT so far so good all pops sold. For some reason the chart doesn’t like to show up on BigCharts.

HUBC nice swing long from .9x’s then the flip short after the sell Friday. Was a high conviction fade opportunity and really added up quickly from the short entry. $1.41 was majority of cover before they squeezed back out into close a bit $1.60s. Ideally gap over $1.60 or shove into it and fails – if it consolidates do not force bear thesis.

DXYZ probably a good ignore for most — but either gaps up and stays heavy and I’d lean or – it holds over $48 builds at $50 and probably best to avoid 100% on short side. I don’t think it’s anything like HKD but compare the two charts – again no I am not suggesting it’s next HKD but even a move into circuits that goes $20-30-50 + higher can still break an account.

ACB CGC likely to still be a lot like SOUN. There’s been a new market created here so the moment you get too aggressive they’ll probably want to clear out the oversized to the upside and repeat. Review how SOUN has unfolded and come with that thought process for ACB CGC imo.

Failed Follow Through:

MDIA likely gap down and good shove using Friday’s levels as guide

BTTR higher better for retrace back to where it started.

CZOO higher better for back side.

AISP RegSHO pops – set price alerts for after it falls off radar

CXAI 5.10 been key – watching any gap down and PR for possible gap and sell off – thinking like GOEV

Continuation:

STI so far good – anyone who has read scans and/or Sunday video knows this was a swing. Not a buyer here but finally starting to really build.

LGVN big move AHs, set to raise but known to trap and play games in past watch if it builds – could be Monday’s wild one.

TPET like OGPN OTRK until it blows off so — slow build can maintain trend any big clear out move voids.

OCGN monitoring w/ price alerts as it breaks out

LICY big picture idea if trend doesn’t stay heavy sub $1

LIFW big picture idea if trend doesn’t stay heavy sub $1 – note the wicks

PCSA bid after the clean up move – interested if wicks start to form – small position at moment.

Staying Familiar:

Chris’ Stocks to Watch

META has had a ton of relative strength recently. Every red day or dip in the market and this is the first to pop back up and make new highs. The sub-theme of AI is turning to who has access to vast amounts of content to train AI models and META has one of the largest usable data sets for that. This means it could act like NVDA for a while, and things like NVDA SMCI just consolidate the massive gains from the last few months.

GDX gold theme has been running well and the gold mining index is trending well with it. Geopolitical tensions and inflation are back on the rise = gold is attractive.

FCX commodity theme still trending well on the upside. Slow and steady but could speed up soon.

IWM I’m open to either direction as we get more clarity from the fed. If the market is weak and rates are rising this is good for puts. If markets are ripping and rates back off then this can be strong. A plan for either is better than being dug into a bias.

TSLA is back to relative weakness and may move down to that 150 target. Downgrades, slower sales, and the macro environment make it tough for Tesla until we see some key variables change maybe later this year. On watch for puts.