Stocks To Watch – 8/12/2024

Brief Overview

Hello Traders & Investors,

Scroll down to see the stocks we have on watch this week !

With so much uncertainty and volatility in the market lately, traders and investors could get caught in identifiable traps resulting in unnecessary losses. You don’t have to traverse these conditions alone. Let Pure Power Picks be your guide through the storm. We are constantly monitoring names of interest across the market using technical and fundamental analysis to deliver A+ setups to our members. Lets take a look at what’s been going down.

Markets were crushed Monday as the Bank of Japan increased interest rates by 0.25% after 30 years of having 0% interest on the YEN. This resulted in the currency that was borrowed for free no longer being free and triggering an estimated $4 Trillion selloff as investors sent the funds back to Japan. This caused a ripple across global markets hitting the S&P 500 with its first 3% dip in 474 days. 

Earnings reports on Tuesday and Wednesday cause markets to chop around with SMCI announcing a 10:1 stock split while slumping on growth concerns. Meanwhile HOOD caught a $4 bounce after slipping under $14 and SHOP ripped after a ~$9.75 gap up post-earnings.

On Thursday and Friday, bulls found their footing with help from strong earnings coming from BYND and other food-related stocks like SBUX, BROS CAVA & CMG to close the market flat on the week.

With the market closing relatively flat for the week, don’t forget to brush up on ideas from previous watchlist write-ups for potential ideas and past levels coming back into play throughout the week. While we do our best to alert our watchlist setups as they come into play, it’s important to keep these names on your radar as well for possible positions that fit your personal trading style. Since most names from last week were rocked by the dip on Monday before making a recovery back to roughly the same levels, look for these setups to come back around this week.

Now on to the good stuff! ⬇️