For those of you a little confused by the change in the format on Monday, here’s how it works.
Every Monday, I talk a little bit about how the market did last week then spotlight three fast-moving stocks with strong momentum that I think have strong potential to surge higher during the week.
The stocks I highlight on Monday are different from what I share during the rest of the week – which may range from anything from deep value plays to high-flying AI growth plays.
So here’s what happened last week…
We saw a strong rally in the market, with the S&P 500 officially hitting bull market territory.
The charts tell me there is a very good chance of the rally continuing this week…
Especially if the inflation numbers (scheduled to be released tomorrow)show that inflation is slowing and the Fed decides to pause their hiking cycle on Wednesday.
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Carvana Co. (CVNA)
Online used car retailer Carvana is in the middle of a massive short squeeze right now, with Bloomberg reporting that short sellers have lost a billion dollars. The company saw its shares rise after an upbeat second-quarter outlook, forcing short sellers to cover their positions and send the stock up even further.
While this is a fast-paced momentum play, there are also good reasons for possibly wanting to hold on to Carvana stock a little longer. Despite having rallied by a whopping 423% in 2023, the stock is still down over 90% from its 2021 high and its price-to-sales ratio is only at 0.13x.
Zscaler, Inc. (ZS)
This high-flying cybersecurity stock is up 35% over the past month after it reported earnings for its latest quarter that blew away analyst expectations. The momentum is expected to continue, with the company expecting a 137% rise in its earnings-per-share for its fiscal year ending July 31, 2023.
Despite its momentum, the stock is still down over 55% from its all-time highs – meaning it could still have a lot further to run. The stock also benefits from AI tailwinds, having recently revealed new upgrades to its AI-powered ZDX solution.
Tesla, Inc. (TSLA)
No introduction needed for this stock. Tesla stock has been on the move lately, having jumped almost 12% in the past week (it’s also up nearly 120% for the year). The upcoming release of its Cybertruck, EPA approval giving its Model 3 sedans full federal EV tax credits, major automakers agreeing to use its charging network – all this has contributed to the resurgence in the stock.
I expect this momentum to continue – especially considering the stock is still down over 40% from its 2021 highs.
To your wealth,
Felix @ Ace of Investing