We've seen some interesting action in the stock market so far this week as the major moving averages continue to stay strong. Even though this market is incredibly inflated the Federal Reserve is determined to send this market higher and will continue do so until they decide to pull the plug.
Stocks that I'm watching this week are (NVDA) (AVGO) (NTES) (SHOP) (FB) (TSLA) and (ULTA).
(NVDA) hit all time highs today after news came out that Soft Bank invested $4 Billion in the company. (NVDA) has a $165 price target by Goldman Sachs and and will likely reach that buy the end of the year, if not before, as long as the overall market holds up. This is not a favorite pick for me right now as it has moved up almost $40 in 2 weeks but I would look for a pullback to get into the stock.
(AVGO) is my number one pick and I would recommend buying some right now as it has moved past its breakout point at 227. I'll be day trading this one this week and buying as many dips as possible. This stock is good both short term and long term.
(NTES) is another favorite right now and looking to move higher. (NTES) is offering a $1.08 dividend next week. Date of record is 5/26 with dividend payout on 6/2. This stock could be a big mover to the upside soon and is worth looking at.
(SHOP) has a huge run up and has been showing a little bit of weakness. I would avoid this one for now but would look to get back in of the stock sets up to move higher. Full disclosure, I'm still holding a short on the stock at 89 but will exit the position if the stock moves any higher. So far the stock has been holding up well after the secondary share offering they announced last week.
(FB) is a great name that is looking to break out. If you're looking for a solid trade this may be it. Looks like a buy here.
I'm currently still avoiding (TSLA) and I would like to buy the stock back on a better set up maybe under $300.
Lastly (ULTA) really took a spill today as they were downgraded to hold by Edward Jones. The stock reports earnings tomorrow and should move higher unless they give terrible news which I don't think will happen. This could be a good pull back to get into the stock here at $280 but if you don't like risk I would't play this one.
(AVGO) (NTES) (FB) are my favorites to buy right now for a trade.
As always these are just my opinions. Trade at your own risk. The market can be very unpredictable.
For long term investments please only buy gold, silver, or cryptocurrency.
Silver offers a huge upside and I suggest everyone get some.