Four Popular Robinhood Stocks To Watch This Week – Mike Swanson (10/05/2020)

A week ago last Monday before the open I highlighted four stocks to watch that week. They were AMD, NVDA, MRNA, and ADBE. All four went up from that open with the market and then fell on Friday. Three out of four went up for the week except ADBE, because it fell 4.11% on Friday on what was a tough day for the stock market. I still believe the trend in the market is sideways to down, but there are still stocks worth trading.

Here are four that caught my attention this weekend. Each one of these stocks is volatile and among the list of 100 most owned stocks among Robinhood account holders. The first is United Airlines Holdings (NASDAQ: UAL).

UAL has been lagging the stock market averages all year as the airline industry has been among the worst sectors to suffer in this economy, but shares of airline stocks should pop if any stimulus bill is passed by Congress. The airlines have said they won’t lay off as many people if a bill passes and Pelosi has now talked about making a special bill for them if a stimulus package cannot be passed. Some stocks though are still going straight up.

Shares of Draftkings (NASDAQ: DKNG) are going straight up. There is no real entry point. It’s just worth noticing what is happening with it. The stock is among one of the most widely owned stocks among those that use Robinhood to trade, because they love volatile stocks that have a trendy edge to them. This is also the case with Uber Technologies (NYSEARCA: UBER).

UBER stock has been trading in a range between $28 and $38 now since June. If it can clear $38.00 then it will bring in momentum buyers. It reports earnings on 11/02/2020 so it has the potential to do that before then. Finally take a look at this chart.

People love to trade Virgin Galactic Holdings (NYSEARCA: SPCE) even if it needed bailout money to survive and is now basically a zombie company. Shares have short-term resistance now at $21.00 and could rally like they did in June if they close above that level.

I’m not interested in short-term trading myself. Right now I’m more focused on the trends in gold, silver, and mining stocks. My top stock pick for this month did well last week and has not broken out yet.

If you are new to trading or this website and want to learn more then grab my book Strategic Stock Trading.

-Mike



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