Free Scan: Stocks To Watch For May 6, 2024

by | May 5, 2024

Hey everyone, welcome back to another Sunday Scan. This week we have Chris, Cody, and Nick.

Let’s get to it.

The market had a lot of data over the last few weeks between earnings, the FOMC, and jobs numbers. The market seems to be finding its footing and digesting, but not without some shakouts and volatility along the way.

There is still a bid for risk assets and as long as there isn’t a market shock I think there’s a good chance we have some good upside trades coming. Particularly in  BTC and large tech. 

Make sure to check out the video this week for a recap of the recent market action and more stocks on watch from Chris, Nick, and Cody.

We’ve been putting out a ton of great content on YouTube lately so make sure to check it out and subscribe.

Video Scan and Game Plan

Stocks to Watch

NVDA still has major relative strength out there. This earnings season showed that all the large tech names are expanding capex into AI and that filters into NVDA earnings which come out later this month. I think we have a good shot at getting back over $1,000 by then and into new all time highs. 

COIN/MARA/CLSK could have some nice rallies if BTC firms back up and gets back towards $70K over the next week or two. Pressure from bond yields and a strong dollar are easing a bit, so as long as money is looking for risk assets I think BTC can have its next leg up.

SIGA has a nice chart and has run before whenever there is a new flu or illness going around. Not strong conviction but if it keeps ramping then there could be a trade there. 

GME may offer a post earnings trade on the downside this week but I’m open to changing my bias if the action says differently. Maybe it gets into the low 20s and has a blow off top before fading off. 

CVNA is holding the 112-122 channel for now, similar to the action when it was going between 75-85. Maybe it consolidates for a while but if it starts getting out of that range there may be a chance to join the range expansion. 

T-Shirt Winners

  • @Jack8888
  • @goexplore318


Submit a Comment

Your email address will not be published. Required fields are marked *

Related Content

15 Trade Management Tips to Improve Your Trading

15 Trade Management Tips to Improve Your Trading

Trade management is an important part of the trading process. It's not enough to have an effective strategy - you also need to execute that strategy properly. Think of this distinction as the difference between creating a well-rounded business plan and actually...

Adapting to the Market – 8 Practical Tips for Traders

Adapting to the Market – 8 Practical Tips for Traders

The stock market is constantly changing. If you are fortunate enough to find success as a trader, you shouldn't get too comfortable. A strategy that works for days, weeks, or months is not guaranteed to work forever. Career traders who achieve long-term success...

14 Tips to Improve Your Trading Mindset

14 Tips to Improve Your Trading Mindset

Your mindset is an important part of your trading. How you think will impact how you trade. Your mindset will ultimately determine what you focus on, how well you learn, how you react to trades, and so on. Today, we are going to discuss some quick tips to help you...

The Process Behind Trading Success – Nate Michaud on SimCast

The Process Behind Trading Success – Nate Michaud on SimCast Topics Discussed Long Trading vs. Short Trading (and Where Nate Makes More Money) Using a "Macro Mentality" in Trading Scaling in and Out Around a Core Being Early vs. Being Right Why Day Trade vs. Invest? Finding The Best...

Day Trading Course