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…
Table of Contents
#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.
Soak it in, Leo Messi.
The warmest of welcomes to @InterMiamiCF. pic.twitter.com/STzKSDrBGh
— Major League Soccer (@MLS) July 17, 2023
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.
Nonetheless, I’m keeping this stock on my watchlist this week.
#2 Recursion Pharmaceuticals Inc. (RXRX)
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.
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)
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)
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…
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