Stock Trends

Stocks on my watch list

Good morning,

Last week was our monthly update to the Blue Chip Hot List, and we had four new buys.

However, the behind-the-scenes work for the Hot List is happening all month long, and includes a long watch list that is slowly whittled down to the new buys each month.

A few times recently, I’ve shared “stocks that just missed the cut” but this week, I figured why not expand it and spend the whole report highlighting charts I’m closely watching for potential inclusion. Some are outright buys, while others I’m waiting for certain developments that I’ll try and call out when relevant.

A few quick notes before we start:

• This list does not include all the stocks on my watch list (obviously)

• The charts are listed in alphabetical order, so not by preference

• While I have an overall positive bias toward all these stocks, for our highest conviction ideas, investors should always start with the official Blue Chip Hot List. The current list with pricing through yesterday’s close can be found at the bottom of today’s report.

Finally, Tuesday’s Overtime report on the tech sector included six large-cap technology stocks that are also on my watch list, but haven’t been repeated here.

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The Watch List

ACHR: Archer Aviation

Archer Aviation has been a frequent feature since our aerospace and defense focus on April 24 and is up about 50% since. It didn’t go on the Hot List this month because we have two other names in that space but that’s looking like a missed opportunity. The stock found support at the 50-day late last week and looks to be off to the races again.

AXON: Axon Enterprise

Another (and I promise the last) aerospace and defense name from the April 24 focus, AXON has broken out, and the pullback the first two days of this week could be a textbook opportunity. The stock went red to green yesterday (while the market was going green to red) and its measured target remains $920.

CTVA: Corteva

Materials have been firming across the board and Corteva has been helping to lead the charge. The stock has broken out of a 2.5-year base but was too overbought to chase in last week’s buys. A pullback to the breakout point could be a chance to get long.

DIS: Disney