Best Stocks, Crypto, and ETFs to Watch This Week – GME, Dogecoin and Invesco Solar ETF on the Spotlight
Gamestop Corp. (GME) filed a SEC disclosure after Friday’s close, noting the departure of Chief Operating Officer Jenna Owens after just eight months on the job. Owens, a former Amazon.com Inc. (AMZN) and Alphabet Inc. (GOOG) executive, was hired in March as part of GME’s highly-publicized ‘digital transformation’. However, the company has offered few details about the initiative since that time and her departure may be viewed as a setback, encouraging shareholders to jump ship.
Investors have lost patience with Uber Technologies Inc. (UBER) after 2020’s strong run-up, contributing to a 14% year-to-date loss. Driver shortages, escalating ride-share fees, government catfights, and heavy food delivery competition may have taken a toll in the third quarter, raising odds for an aggressive ‘sell-the-news’ reaction after Thursday’s post-close report, when UBER is expected to post a 16-cent per-share loss.
Dogecoin (DOGE) rallied out of a deep basing pattern at 16 cents in August, topping out at 35 cents a few weeks later. It posted a higher low in September and bounced once again, nearly completing a 100% retracement into the prior peak on Thursday. The coin has been pulling back since that time but strong support around 25 cents should ease selling pressure, setting up a potential buying thrust that may complete a cup and handle breakout pattern, with an upside target just above 50 cents.
Watch Invesco Solar ETF (TAN) on Wednesday because the passage of President Biden’s massive infrastructure bill may depend on Tuesday’s hotly-contested gubernatorial election in Virginia. The sector has been trading in tandem with acrimonious negotiations for several months now, rallying 31% in the last 19 trading days. A Republican victory may be viewed as a mandate against big government spending, potentially shifting moderate Democratic votes to the ‘no’ column.
Ford Motor Co. (F) joined the EV bandwagon this year, announcing a series of initiatives to compete with better positioned rivals Tesla Inc. (TSLA) and General Motors Co. (GM). The automaker beat Q3 expectations and raised 2021 guidance last week, adding to an uptick that’s posted an impressive 94% 2021 year-to-date return. However, the stock is now approaching resistance going back to 2011, raising odds for a reversal and decline that could last for weeks or months.
For a look at this week’s economic events, check out our economic calendar.
Disclosure: the author held no positions in aforementioned securities at the time of publication.
This article was originally posted on FX Empire
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