🚀 Wall Street Radar: Stocks to Watch Next Week
💼 Volume 13: 📊 Election Dynamics: How Will Harris vs. Trump Impact Investor Confidence? 🧐
The current market environment is characterized by deteriorating sector indexes and weakening market breadth, which is now worse than it was two weeks ago. This volatility has raised concerns among investors, prompting a closer examination of the potential impact of the upcoming U.S. presidential election between Kamala Harris and Donald Trump. All our proprietary indicators turned red at the end of the week, reflecting heightened caution in the market.
(please check our Market Monitor for additional information)
According to the final New York Times/Siena College poll, Kamala Harris and Donald Trump are in a tight race across seven key battleground states. Harris holds slight leads in Nevada, North Carolina, and Wisconsin, while Trump narrows ahead in Arizona. The contest remains highly competitive in Michigan, Georgia, and Pennsylvania, with results within the poll's 3.5% margin of error.
The poll, conducted from Oct. 24 to Nov. 2 among 7,879 likely voters, shows that about 40% have already voted, with Harris leading this group by 8 points. However, Trump has the edge among those who are likely to vote but have not yet done so.
But enough about politics—it's not our forte! 😉 Let's dive into the stocks watchlist for the week and see where the real action is. 📈💼
🎢 High-Volatility Thrill Rides
DRUG: Bright Minds Biosciences Inc
What they do: Bright Minds Biosciences Inc., a pre-clinical biosciences company, develops 5-HT (serotonin) medicines to improve the lives of patients with severe and life-altering diseases.
Why watch? 💊 Big news three weeks ago has attracted major fund investments into this low-float stock. A break above $55 with volume could trigger a run to all-time highs, making it a super risky but potentially rewarding play.
PRCH: Porch Group Inc
What they do: Porch Group operates a vertical software platform for the home services and insurance industries, providing software and services to home services companies, insurance carriers, and homeowners.
Why watch? 📈 The company's recent milestone approval from the Texas Department of Insurance for the Porch Insurance Reciprocal Exchange (PIRE) represents a strategic pivot toward enhanced profitability. This structural change, modeled after successful reciprocal insurers like Farmers Insurance, positions Porch to better manage claims exposure and weather-related risks. Technical analysis reveals strong institutional interest, evidenced by record-breaking volume during the announcement, with current consolidation finding support at the critical $2.10 level. The upcoming earnings report (November 7) could serve as a potential catalyst.
KINS: Kingstone Cos. Inc
What they do: Kingstone Companies is a property and casualty insurance holding company, offering personal lines insurance products primarily in New York state, focusing on homeowners' and small business insurance.
Why watch? 📊 The stock exhibits a compelling technical setup following a period of consolidation. Current price action suggests accumulation near technical support, with potential for significant momentum should it breach the $10.50-11.00 resistance zone. Q3 earnings (November 12) may provide the necessary catalyst for a directional move.
POET: POET Technologies
What they do: POET Technologies develops and manufactures optoelectronic devices, including optical engines for transceivers and optical sensing applications in the telecommunications and data communications markets.
Why watch? 💡The company's positioning in the rapidly expanding photonics sector presents an intriguing growth opportunity. Technical analysis reveals a critical support zone between $3.60-3.70, with potential for accelerated momentum above the $4.00 resistance level. The stock's price structure suggests accumulation at current levels, with the $5.00 level representing the first major technical target on any breakout scenario.
🏄♂️ Medium-Risk Wave Riders
ORGN: Origin Materials Inc
What they do: Origin Materials is a carbon-negative materials company that develops and commercializes a patented technology platform to convert biomass into valuable carbon-negative materials.
Why watch? 🌱Technical analysis indicates a critical juncture at the $1.37 support level, coinciding with both weekly and monthly timeframes. The formation of a descending triangle pattern suggests potential volatility ahead of November 14 earnings. A decisive break above $1.45-1.50 could trigger substantial upside momentum.
🛡️ Low-Risk Safe Harbors
SAM: Boston Beer Co., Inc
What they do: Boston Beer Company is a leading craft brewer in the United States, producing various alcoholic beverages under brands including Samuel Adams, Truly Hard Seltzer, and Twisted Tea.
Why watch? 🍺 Technical analysis reveals a mature cup and handle formation, with $300 representing a key psychological and technical resistance level. The stock's resilience following recent earnings demonstrates robust institutional support and potential for continued upward momentum upon breaking key resistance levels.
ETSY: Etsy Inc
What they do: Etsy operates online marketplaces that connect millions of buyers and sellers globally, focusing on unique and creative goods, including handmade items, vintage products, and craft supplies.
Why watch? 🛍️ The stock presents a compelling long-term technical setup, with a multi-year falling wedge pattern approaching resolution. Recent Q3 results exceeded analyst expectations across key metrics. The $55 level represents a critical technical threshold; a breakthrough could trigger significant institutional buying interest.
📉 Short Opportunities
QRVO: Qorvo Inc
What they do: Qorvo designs and manufactures radio-frequency systems and solutions for applications in wireless devices, defense and aerospace, and infrastructure.
Why watch? 📱 Recent financial results reveal concerning trends, including a 57% year-over-year revenue decline and deteriorating margins. Technical analysis indicates bearish momentum below key moving averages, suggesting increased downside risk below the $70 support level.
XRX: Xerox Holdings Corp
What they do: Xerox provides digital printing equipment, software, and related solutions, offering document management and workflow solutions to businesses worldwide.
Why watch? 🖨️ Fundamental headwinds persist, with deteriorating financial metrics and downward guidance revisions. Technical analysis reveals a sustained downtrend since 2021, with potential acceleration below the $8 support level.
"Risk comes from not knowing what you're doing. Taking calculated risks is not being reckless." - Peter Lynch
Note: All investments carry risk. Every stock should represent only a small portion of a diversified portfolio. Always conduct your due diligence.