Market review from UTEX – week 51
Fantastic, seventh consecutive week of growth! 5 stocks to trade in the coming days.
The rally goes on! S&P 500 +2%, Nasdaq +3%. After Wednesday's Fed meeting, Powell stated that a rate hike is now unlikely and a rate cut is on the table. The market took this signal with delight and now analysts are competing in forecasting how many downgrades there will be in 2024.
The market is full of optimism: volatility in stocks is running high, the risk appetite of funds has finally woken up, and companies are announcing new buybacks. As Bitcoin stands in the new $40,000–$44,500 range, altcoins are shooting up one after another. There is no time to rest! Apart from reporting stocks, you can always find something interesting intraday – pumps, trends, reversals, news impulses.
This week's top 5 stocks
Worthington Enterprises (WOR). The steel company will report Tuesday after the markets close. The stock is up 44% over the past month, so profit taking is likely. But if it trades at a nice discount from current prices at the premarket, a long could be picked up at the open.
General Mills (GIS). The food manufacturer will release a report Wednesday before the open. The stock is down 25% for the year, now is a good time for a mid-term buy in a rising market.
Fuelcell Energy (FCEL) is in the renewable energy business; its fuel cells generate electricity from organic materials such as food waste. The stock was as high as $650 in 2014 on the green energy hype wave; now it's trading at $1.5. Tuesday's report before the open. FCEL is now 17% short, all it takes is a small trigger to short squeeze. It may not happen, but the timing is right.
Toro (TTC) is a maker of lawn mowers and snow blowers. If it trades above $90 per share after the report, it's strictly a long. The company will release results on Wednesday before the markets open.
Carnival (CCL). The cruise company, which was hit hard during the pandemic, will report Thursday before the open. Prior to COVID-19, the stock was worth triple its price. There is potential, but the stock is already up 27% for the month. Resistance level is $19.50, if it sticks above and holds as support until Thursday, then buy.
Trade with profit!
