timothy sykes logo

Penny Stocks News

5 Stocks To Watch This Week

Timothy SykesAvatar
Written by Timothy Sykes
Updated 7/17/2023 6 min read

The stock market is on 🔥 right now.

But that doesn’t mean every stock is a buy.

In fact, if you’re not locked into the right symbols, you’ll have a tough time taking advantage of the opportunities.

So what are some of the stocks I’m watching right now?

Here are five that are on the top of my list…

#1 MGO Global Inc. COM (MGOL)

Lionel Messi is regarded as the world’s greatest soccer player.

And if you haven’t heard…he is taking his talents to Miami and joining the MLS.

Ticker symbol MGOL sells Messi-labeled clothing.

However, despite the incredible news, this stock hasn’t done much yet.

Something isn’t right here, and I can’t figure it out yet.

Shares should be flying…but they aren’t.

Despite the massive following Messi has and his arrival in Miami, the stock performance has been disappointing after the initial pop it got from the MLS news.

Source: StocksToTrade

Nonetheless, I’m keeping this stock on my watchlist this week.

#2 Recursion Pharmaceuticals Inc. (RXRX)

Source: StocksToTrade

Last week RXRX took off when the company announced a collaboration and $50 million investment from NVIDIA.

That’s what I call the ultimate Legitimizer news…

It traded above $18 in the pre-market the day the news was announced…

But sold off sharply since then.

I’ve been trading this stock waiting for panic dip buys. And with yesterday’s runup I may look to do it again.

However, it might be too expensive for me to trade if it keeps going like this.

Nonetheless, you want to be patient with these plays.

It’s easy to get excited when you hear the news. But it seems like you will always get an opportunity for a panic dip buy if you are patient.

There’s no reason to chase in this market.

#3 Knightscope Inc. (KSCP)

This stock is junk…I’m not going to lie to you.

Source: StocksToTrade

But thanks to stubborn short sellers…this stock is in play.

They’re getting over-aggressive and paying the price for it.

Yesterday, a short-seller came out with a negative report on KSCP…which knocked the stock down…but it created a panic dip buy opportunity for me.

While the play didn’t work out like I thought it would…I did manage to get a small profit.

Remember, fundamentals only matter in the long term.

If you’re in a trade for a few minutes or hours, you need to shift your focus on understanding price action and the right setups to play. 

 

# 4 Applied Optoelectronics Inc. (AAOI)

Source: StocksToTrade

This is just a beautiful bullish-looking chart.

With momentum clearly on the upside…I am looking at buying this for potential dip buys.

And that’s what I did on Monday morning…

This didn’t have a catalyst…

But you don’t always need one if shorts are over-aggressive.

This trade worked out well for me…

#5 Green Power Motor Company (GP)

Source: StocksToTrade

Another bullish breakout chart…

The company recently announced positive earnings…

With revenues rising by 130% and the company losing less money than last year.

I waited for an opportunity to dip buy this.

In fact, I double-dipped…playing this twice on Monday.

My first came in at 11:32 AM…

And again about 30 minutes later…

Final Thoughts

Even when plays are working you need to be careful.

Also, don’t fight the tape.

You might be looking at the news and thinking that a stock should be up more…

But there’s a chance that the catalyst is already priced in.

Be patient, and don’t chase.

The way I’m trading is waiting for panic.

And most importantly, only trade the best setups.

To do that I tell myself I’m a retired trader…only jumping back into the market when I see a trade so compelling I would feel guilty for not being involved.

If you want some help on how to take your trading to the next level…

===> Click here to sign up for one of my live free training classes. 

Post image

Get my weekly watchlist, free

Sign up to jump start your trading education!


How much has this post helped you?


Leave a reply


Author card Timothy Sykes picture

Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

Post image

Get my weekly watchlist, free

Sign up to jump start your trading education!

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”