What stocks are a buy on our algorithm today?
This is not financial advice, it’s just what our algorithm says has a technical probability of increasing. Listen to the podcast each morning where I go over all of these (https://anchor.fm/dailystockpick/episodes/Did-you-buy-Peloton-even-though-I-said-no--Market-update-2-9-22-e1e5il4) . Today should be an up day, but fairly muted as we’re looking forward to tomorrow’s CPI (ie inflation) number comes out. That’s what the market has been looking for all week.
$COIN — Coinbase
This has been a buy since it got under $200. I’m seeing the 9 day (green), the 21 day (yellow) both moving towards the 50 day (blue) which seems to be a magnet. It’s overbought right now at these levels, but if it gets under $200 during a day, add to your position.
$PTON — Peloton
Peloton is a tricky one. I missed this yesterday and it was way up yesterday and is up again today …..WAY UP!!!! I’m still not sure a new CEO who is moving from LA to NY and a new financial focus is justifiable with the move we’ve seen in the stock. I think this might be a short squeeze happening for the short term.
$CLF — Cleveland Cliffs
If you got in around $17 on this, you’ve made a good 20%. I continue to think it’s a $22 around earnings tomorrow. It might be a bit too much of a gamble to get in now on this based on some of the articles on www.finviz.com about how hedge funds have trimmed this as a holding. DO YOUR RESEARCH.
$SKT — Tanger Outlets
This one has earnings next week. With Simon’s (SPG) earnings already factored in here, this might be a good bet on reopening. The cruise and experience stocks have had a good week and this one has floundered a little. The last 3 or 4 buys have been fake outs but it’s consolidating. The death cross just happened but the last time it happened, there was a big bounce back when earnings hit. This might be worth playing a little towards earnings.
$UBER — Uber
Uber reports after the bell. There’s the 9 day and the 21 day moving up towards the 50 day and that volume shelf on the right being magnets up. The Lyft earnings should already be factored in on the downside for this stock, but this stock has been a roller coaster since it’s IPO. I think this is a decent gamble for maybe Uber Eats to show continued use. If Eats comes in weak, the market may take this one down further. This stock is just always a gamble around earnings.
$UA — Under Armor
They report on Friday and since the algo gave a buy on Feb 1 at $15.90, we’ve seen good upside. Opening at around $17.20 today, that’s a good 8% move upside so far and before earnings on Friday. The PE ratio of 65 worries me here and having been to the UA outlet stores over the holiday, inventory was definitely an issue. I think the volume shelf around $18 is a magnet and the death cross having happened recently, I think tread carefully. Anything under $16 on this is a buy, but over $16 you might get burned in to earnings on Friday.
$QCOM — Qualcomm
I still think anything under $180 is a buy on this stock. That volume shelf is building and you’ll have to have a significant pullback in PE multiples to see this stock get back to fill that gap. The future earnings just don’t pan out to it testing around $140 again — along with that volume shelf building since the last time it dipped.
