Video Scan: Stocks To Watch For June 24, 2024

by | Jun 23, 2024

Hopefully everyone had a great weekend! We had some really nice moves in the market last week so we’re going to go over some of the reasoning behind the moves and the way to think about them so you can anticipate upcoming trades and prepare ahead of time. 

Stan is joining us for the Main Watches and will go over some great market thoughts.

T4AC tickets are now on sale and we encourage all traders to join us there. As traders, we are very comfortable taking risks when there is a great opportunity, and attending an event like this is similar. There are so many incredible people in the trading community that you can connect with and form relationships with. Take the risk of buying a ticket (that goes towards meaningful charities) and put yourself out there. The benefits are immense, and you’ll be happy you attended.

We discussed the value of connecting with other traders quite a bit on the most recent episode of Trading Takes. The people you surround yourself with can have a big impact on your trading.

Now, let’s get right into the scan.

Video Scan and Game Plan

The Playback

NVDA had a 15 point flush from the option effect into monthly and quarterly options expiration. This shakes out all the weak hands and resets the tape for a bit.

QCOM had relative weakness and had the same set up as NVDA. When looking for mean reversion trades in a sector, it can help to start with the weakest one.

ARM same theme as NVDA QCOM mean reversion after big run up.

TSLA got the 10 point move on Monday. Still keeping in a range but showing some signs of improvement bigger picture.

ZAPP liquidity trap played out with nice range.

DJT faded hard since filing allowing insiders to sell. Coming up to key area to see if it holds and bounces or slices through and fades to 20.

RELI big volume on acquisition news into the second half of the year.

MLGO another high volume mover this week.

MBIO 1B+ volume on positive data results.

CMTL announced earnings results and a new credit facility.

LRHC ramped on non binding LOI to acquire a controlling interest in another business.

GRDI another big volume mover.

MGOL business combination PR ramped it.

NNE big run up on small modular nuclear budget allocation at the DOE.

Main Watches

GME FFIE AMC are all in the same basket. Daily drivers, looking for big moves only.

DJT the higher the better and on watch for vs 30s.

NVDA SMCI all in the same basket. Reactive ideally off the bigger timeframe key levels. Daily driver while volatility still present.

AREB watching for any push vs .7s for failed to follow through.

NXL there might be still some shorts trapped in there, more on Monday morning.

GOOGL nearing break out, possible rotation into this name based on valuation and AI exposure.

MU earnings on Wednesday, could kick off a new spark into one of the AI sub themes around memory chips.

ARM holding near that breakout level from last week, looking to see if it soaks and builds or fails. 

IREN looking to see if trend holds or starts to reverse with BTC.

CMTL possible liquidity trap in the works. No strong bias but if it is holding well and volume starts to come back in could have a nice ramp.

T-Shirt winners

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