Matt here.
Happy Sunday. Hope everyone’s weekend is going well.
I’m just getting back from a trip to Vegas where I discovered that I’m a much better trader than I am a gambler.
I lost more in Vegas this week than in the stock market 🤷🏻♂️ #winning
— Matthew Monaco 🚀 (@mono_trader) May 11, 2022
It’s always good to be reminded of your strengths, directly or indirectly. Ha! See how I reframed that?
It’s no secret that cryptocurrency has been in full-on meltdown mode lately, and I covered when the right time to buy crypto could be here.
As with any other tradeable asset, you have to know when to hold ‘em and know when to fold ‘em.
So let’s get to some exciting tickers with the potential to pop this week…
Robinhood Markets Inc. (NASDAQ: HOOD)
Part meme stonk, part retail trading icon and controversial broker — Robinhood’s stock is making waves again. HOOD closed up almost 25% on Friday at $10.69 following news that caught traders’ attention…
Word got out that a company called Emergent Fidelity Technologies took a 7.6% stake in Robinhood, making it the third-largest shareholder.
Sam Bankman-Fried, famous for founding crypto exchange FTX, is the sole director and majority owner of Emergent, so his investment comes with clout.
HOOD faces resistance at the $11 level. Its intraday high on Friday was $10.86. Watch for a break past $11 on Monday, ideally with heavy volume, for a potential move up to $12 or more.
Affirm Holdings Inc. (NASDAQ: AFRM)
The ‘buy now, pay later’ fintech company Affirm made a surprise comeback this past week. The company’s latest earnings revealed a less-than-expected loss and a beat on top-line expectations.
Affirm had a huge breakout in 2021 after announcing a partnership with Amazon.com, Inc. (NASDAQ: AMZN). It’s also partnered with Walmart, Inc. (NYSE: WMT) and Shopify, Inc. (NYSE: SHOP) — a partnership that it recently extended.
As with many once-popular Nasdaq stocks, AFRM has fallen pretty far from its 52-week high of $176.65. But that doesn’t mean it can’t make meaningful intraday moves to the upside.
AFRM closed up 31.43% on Friday at $23.71. Its intraday high was $25.32. It needs to hold a breakout past $25 and then march towards the strong resistance at the $30 level.
SoFi Technologies Inc. (NASDAQ: SOFI)
SoFi suffered a blunder on Tuesday when it accidentally leaked its latest earnings report early. The results topped analysts’ expectations but their forward guidance left something to be desired.
Whether it was the mishap or the forward guidance, traders reacted by sending SOFI down to a closing price of $5.25 on Tuesday.
It looks like the stock may have bottomed out in the near term. On Friday, SOFI closed up 19.26% at $6.75, after touching an intraday high of $6.86.
SOFI needs to break the $7 resistance level to make its way out of its recent mini-base. Any positive press releases next week could help it accomplish that goal.
Conclusion
What’s trendy to trade will change as often as large volume float rotation on a small-cap stock. If you don’t know what that means, you should check out StocksToTrade’s risk-free 14-day trial, and head straight to Bonus #1.
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