Stocks I Added To My Watchlists

Good morning everyone! I ran some StockFetcher.com scans last night as I usually do and found some really really good chart setups. With so many sectors in uptrends I plan on doing more blog posts on here. I bought a webcam too that is on the way and will work on doing video watchlists in the future too.

I added Peloton PTON back to my short bias watchlist. It needs a red day first or some technical support taken out to be a setup short.

I added this China cloud computing Kingsoft Cloud (KC) Coming off a nice long flag with volume

I added a financial Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Breaking out off a triangular consolidation.

Grayscale Litecoin Trust (LTCN) This might be my favorite chart setup right now. It's in the hot industry too. This is the kind of clean long bull flag I really like and don't see too often. It even printed a hammer candle on the day. The setup is a breakout over yesterdays high $6.02. So it needs 6.03 to be a long. Really good setup. The stats I have in Tradersync for this setup has it with over 50% win rate and good expectancy.

I've been following a ton of tech news but I've never heard of this quantum computer company Rigetti Computing, Inc. (RGTI). It's in Berkeley CA so it looks totally legit. I thought only IBM and a handful of research institions were working on quatum computing. Maybe Elon Musk is not as far off on AGI predictions as I thought.

RGTI "builds quantum computers and the superconducting quantum processors. Its quantum computing as a Service platform can be integrated into any public, private, or hybrid cloud. The company offers product types of platform, research, and software tools, which are used in application areas of benchmarking, chemical simulation, education/entertainment, machine learning, and optimization."

It's trying to form a rounding bottom base on the long-term chart. It's got trend momentum.

KIND I'm hesitant to go big into this one because it's on it's third bull flag already. The higher in the trend the less likely the clean flags work out as smooth as the early ones. It's a good long bull flag though. One that got given up on like so many that are running now. Even Angi's List ANGI has a strong chart now. It's wild.

My favorite Bitcoin ETF BITO because it has very liquid options. Bitcoin is actually closer to breakout level as the ETF has some decay. Good bull flag here on Bitcoin.

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Alphabet GOOGL Lagging Nasdaq 100

In early June Alphabet (GOOGL) started to diverge from the Nasdaq. Stocks like Microsoft (MSFT) and even Snapchat (SNAP) have continued to move higher.

There wasn't any major negative news for GOOGL but there wasn't comparative good news that keeps coming out for Microsoft. Microsoft Bing is a bit of a hub now with improved interface and AI image generator and ChatGPT-4 in creative mode that comes close to OpenAI on many things and equal to it on others.

Inflection AI had big news hit too about their $1.3 billion new investment. Inflection AI is working on LLMs similar to OpenAI's.

I think the market is just simply pricing in more future competition for Google. Over recent months Elon Musk was hinting at his own AI company too. They just officially announced X.AI today. I think that was getting priced into Alphabet stock too.

There are so many big players in consumer generative AI now. GOOGL doesn't deserve a monopoly valuation anymore with AI potentially disrupting much of our current notions of consumer tech and especially web searching. It won't happen overnight but as the mainstream starts using AI assistants more and more there will be slow shifts in behavior. I suspect whenever Apple launches a serious cutting edge AI assistant that will be a turning point. Elon Musk recently increased video uploads to 2 hours with up to 8GB file size capability for Twitter video uploads. Twitter with X Corp may be looking to seriously compete with Youtube. I added more puts on the move up today. I put on the August 4th $100 strike puts.

Long and Short Bias Trading Watchlist For 7-11

I saw a lot of short and long setups tonight in my scans so I thought I'd do a watchlist. Years back I used to do regular watchlists. I am thinking of doing some regularly. I'm planning on getting a webcam to do some video watchlists also. Long Bias ACIU. Never heard of this one but they have an alzheimers drug in phase II. Bull flag breaking out. The big spike is promising to see more high day range if it keeps pushing.

RWLK big momo came into the stock. It has a history as a runner years back. In 2021 it had two big runs.

VTRS is a drug company. It is testing trading range resistance with a triangle here. Looks bullish. It needs to hit 10.03 to be a buy.

JetBlue JBLU testing major resistance. Could be explosive it it holds it.

Short Bias Watches On Supernova pattern.

Supernova on normal companies is essentially a mean reversion play. On garbage pumps it's less mean reversion and more just finding true price discovery which is worth what it was before the move up haha.

I'm only planning on doing puts on these if I catch the setup. They may start to reverse today or many days. But the top is getting closer. The short setup on Supernovas is it has to be RED on the day and taking out support levels. It MUST show weak technicals to be a short setup. The ideal way to trade them is to wait for the first red day to finish and short breakdown the next day. Sometimes they drop so much the first red day though.

AAOI is a big supernova above the upper bollinger band.

FNGR has a history of run and dump. Above upper bollie too.

I'm super cautious here on RIVN. This is one that it's safer to wait for the first red day.

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Russell 2000 Index (IWM) Technical Analysis

When you zoom out the chart lots of things become apparent. I drew up the major trading ranges the Russell 2000 IWM is in. These levels go back to last year. I see a high likelyhood of more short-term downside and level test from here. I drew up trend support too with the blue line. Trend support test is likely to be coming. So, I wouldn't be surprised to see a these levels touched. IWM once again is back in a trading range. There are a lot of small banks in this index and the Regional Bank ETF KRE has been weighing it down.

You can see KRE is in a trading range also. This isn't particularly bullish for the overall stock market going forward. The market has shown it can perform absent financials but the economy is to large extent small business.

Alphabet GOOGL Rounding Top Pattern Signals

Last year I did another post on a rounding top pattern with energy ETF XLE. Those levels ended up being THE top in XLE last year.

I've been watching Alphabet (GOOGL) stock closely since I discovered AI chat bot search in the beginning of the year. My first use of AI LLM's was with ChatGPT from the OpenAI website. It really got interesting when I discovered Microsoft Bing's chat search. It was like Google on steriods because you can get much more focused results much more quickly. Google search now has viable competition that is superior in many ways.

How long it will take AI assistants to catch on to the masses is the question. Wallstreet is slowly catching on to this tech trend and is downgrading the stock as management hasn't fully given answers to how AI search is going to impact their searches. I still think the risk to the search moat is far more key here than how Google itself will change its search pages.

As I show this chart on GOOGL I will also explore rounding top pattern trading strategies and techniques.

Above we see a daily chart of Alphabet that highlights the formation. What happened is the price hit a wall of resistance at 126.43 first then attempted to breakout but failed at 129.04. It was a classic bull trap. A bull trap is when the stock appears to want to go higher as bulls jump in but quickly reverses and goes down instead. The breakout in this case was a "failed signal". Failed signals in trading markets can be much more powerful than a regular signal. It means many market participants got caught on the wrong side adding pressure to the reversal.

The next thing that happens with rounding tops is price starts to downtrend. We saw that beginning on 6/22 as price opened up lower than the previous days close. Support indicated by the bottom horizontal red line was broken from way back in May. One method of trading a support line is to simply short the stock when it goes below the key levels that make it up. With tech incredibly strong this year I thought it wise to wait for some kind of confirmation the stock was going lower first. I saw a retest of that support line as price tried to make it above it again. It failed two days in a row. It is now in a clear down channel as you can see in the second pic.

Personally, I don't use any indicators with rounding tops. I do use bollinger bands (20,2) with high momentum quick spiking stocks that are topping out. Those are spike tops or pipe tops. I like entering a trade around a clear stop level. Today as price touched the upper channel line there is a clear place to cut the trade if it breaks above the line. Cutting losses fast is smart as far as trading rules.

In summary, this is a textbook rounding top pattern here on GOOGL stock. I am bearish on Alphabet over the short-term and long-term.

Full disclosure: I am short GOOGL with put options.

Ways To Invest In The Metaverse

The metaverse is an exciting virtual environment where people can connect, interact, and transact. With its continuous growth, there are various avenues for investors to participate in this digital realm. Here are some ways you can invest in the metaverse:

Invest in metaverse stocks: Many technology companies are heavily investing in developing their own metaverse platforms. You can indirectly invest by purchasing stocks of these companies. For example, Meta Platforms (formerly Facebook) is one potential option.

Invest in metaverse cryptocurrencies: Within the metaverse, there are several cryptocurrencies like MANA or SAND that are used. You can directly invest by purchasing these digital tokens themselves.

Take stock in a metaverse exchange-traded fund (ETF): ETFs offer a diversified approach, allowing investors to invest in a portfolio of stocks related to the metaverse.

Invest directly in the metaverse through NFTs: Non-fungible tokens (NFTs) represent unique digital assets like art or merchandise within the metaverse. You can make direct investments by purchasing NFTs.

Buy metaverse land: Virtual land within the metaverse can be bought and sold, providing another investment opportunity.

Rent or buy metaverse buildings: Similar to virtual land, buildings within the metaverse can also be rented or purchased as an investment.

It's important to keep in mind that investing in the metaverse, like any investment, carries risks that should be considered.

Reasons to Invest in Tesla Stock

Tesla is a company that has been making headlines for years, thanks to its innovative electric cars and renewable energy products. As a result, many investors are considering adding Tesla stock to their portfolios. In this article, we’ll explore some of the top reasons to invest in Tesla (TSLA).

Strong growth potential

One of the main reasons to invest in Tesla is its strong growth potential. The company has been expanding rapidly in recent years, with revenues and profits both increasing at a rapid pace. This growth is likely to continue as demand for electric cars and renewable energy products continues to rise.

Innovative products

Another reason to invest in Tesla is its innovative products. The company is at the forefront of the electric car and renewable energy industries, with products like the Model S, Model X, and Powerwall. These products have received widespread acclaim for their performance and design, and are likely to continue driving growth for the company. Musk is developing A.I. Artificial Intelligence products that will propel the tech in Tesla vehicles.

Strong brand
Tesla has built a strong brand that is widely recognized around the world. The company’s focus on sustainability and innovation has resonated with consumers, and its cars have become status symbols for many people. This strong brand is likely to continue driving demand for Tesla’s products.

Leadership

Tesla is led by CEO Elon Musk, who has a proven track record of success in the tech industry. Musk’s vision and leadership have been key drivers of Tesla’s success, and his continued involvement with the company is likely to be a positive factor for investors. He is also is great at marketing.

Potential risks

As with any investment, it’s important to consider the potential risks associated with investing in Tesla stock. The company operates in a highly competitive industry and faces challenges such as production delays and regulatory hurdles. However, many investors believe that the potential rewards outweigh these risks.

Conclusion

In conclusion, there are many compelling reasons to invest in Tesla stock. The company’s strong growth potential, innovative products, strong brand, and experienced leadership all make it an attractive investment opportunity. However, as with any investment, it’s important to carefully consider the potential risks before making a decision. One of the current drawbacks is in some cities there are simply not enough charging stations. Especially on freeways going city to city.

Artificial Intelligence Investing and Stock Ideas

Artificial intelligence (AI) is a rapidly growing field that has the potential to revolutionize many industries. As a result, investing in AI can be a smart move for those looking to take part on this trend. In this article, we’ll explore some of the top AI investing ideas.

Invest in AI companies

One of the most straightforward ways to invest in artificial intelligence is to buy stock in companies that are leading the way in this field. Some of the top companies include Alphabet (Google), Amazon, Microsoft, and NVIDIA. These companies are at the forefront of AI research and development and are well-positioned to benefit from the growth of this industry.

Invest in AI-focused funds and ETFs

Another way to invest in AI is to buy shares in funds that focus on this industry. There are many exchange-traded funds (ETFs) that track the performance of companies involved in A.I. and related technologies. These funds provide a convenient way to gain exposure to a diverse range of A.I. companies.

Invest in industries that benefit from AI AI has the potential to transform many industries, from healthcare to transportation. As a result, investing in companies that operate in these industries can be a smart move. For example, companies that are developing self-driving cars or using AI to improve medical diagnoses could see significant growth as these technologies become more adopted.

Consider the risks

As with any investment, it’s important to consider the risks associated with investing in A.I. While this industry has enormous potential, it’s still relatively new and there are many unknowns. As a result, I would say it’s important to do your research and carefully consider your investment decisions.

Conclusion

In conclusion, investing in AI can be a smart move for those looking to capitalize on the growth of this exciting industry. Whether you choose to invest in individual AI companies, AI-focused funds, or industries that benefit from AI, there are many opportunities to capitalize from this trend. This article explains in depth How To Invest In Artificial Intelligence Stocks.

Follow My Substack

I started a substack that focuses on deep value stocks. Check it out here. I will continue posting on this blog from time to time as I have as well as my StockPursuit.com blog.

XHB Chart

Still room to go a lot farther down too

LEN

Still a lot of room to fall

Watchlist 12-7

Long Bias

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