The market this year has been quite erratic. You make a case for one thing and all of a sudden the reverse happens. Today, commodities are selling off in hopes of a peace resolution between Russia and Ukraine. That’s not all, most of the tech stocks making a grand comeback and the question that needs to be asked is – Should one buy this rally? Here are 3 stocks that deserve your attention.
Is Robinhood set for a dramatic surge?
The price action continues to be mixed at the market level but one can see early signs of momentum frenzy in the speculative end of the market. Robinhood made a perfect timely announcement that it would make extended-hours trading available to its users. The users can buy and sell orders executed as early as 7 a.m. ET, two hours before its previous 9 a.m. ET trading start. And evening traders will be able to buy and sell as late as 8 p.m. ET, two hours later than the 6 p.m. ET deadline previously. This is how the stock has reacted
The stock is extremely oversold and hence it has the potential to rally a lot. I would be a buyer here at $16.
It’s not just Robinhood, there is an interesting bullish move happening in Uber, Roblox RBLX, Draftking DKNG, and Palantir PLTR. But the best way to play the momentum is – Upstart UPST. The company came out with strong earnings but has not made a decisive move due to the market conditions. Today’s bounce is a perfect opportunity to add the stock.
GlobalFoundries GFS has a perfect breakout chart
The rationale for investing in the company has not changed and today’s pullback was a perfect opportunity to add the stock
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purposes. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers
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