The Daily Spotlight Stock Watchlist for November 2, 2023

Welcome to another edition of The Daily Spotlight! We're excited to provide you with our daily stock watchlist featuring potential trading opportunities for the day.

But first…

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As expected, yesterday was a wild ride. You had opportunity to profit on 4 out of our 5 picks for the day, so hopefully you took advantage.

In today's market analysis, we've identified these stocks based on our criteria. Please conduct your due diligence before making any trading decisions. Remember, the stock market is dynamic, and it's essential to stay updated on news and market trends throughout the trading day.

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Stock Pick 1: GLD

GLD - SPDR Gold Trust

This one almost made it on our list yesterday, but we can’t keep ignoring it. After touching the Lux Algo sell zone and reaching overbought territory, GLD has completed a full candle close below the 9 day moving average. This is a bearish sign so we expect GLD to continue on a downward trend.

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Stock Pick 2: SOFI

SOFI - SoFi Technologies, Inc.

This one should give you a few days worth of upwards momentum, but don’t hold it for too long. SOFI has found support and closed full candles above the 9 day, 200 day and 20 day moving averages. With a bullish MACD crossover (blue and red lines at the very bottom of the image) coming in, this is a buy for us.

Stock Pick 3: RCL

RCL - Royal Caribbean Cruises Ltd.

RCL has found support at the 200 day moving average and currently finds itself above the 9 day moving average. With RSI nice and neutral and the MACD indicating bullish momentum, we like RCL to continue it’s upwards trend for a little while longer.

Stock Pick 4: GS

GS - Goldman Sachs Group, Inc

After a pleasing Fed meeting, bank stocks are looking good. GS has bounced off oversold territory (RSI = 30 / The purple row running along the bottom 1/3 of the image) now and completed 2 full candle closes above the 9 day moving average. The MACD had a bullish crossover today also, confirming that the positive move upwards is expected to continue.

Stock Pick 5: BAC

BAC - Bank of America Corporation

Listing 2 of the big banks almost feels like cheating, but if you can’t afford GS then BAC is for you. Everything said above about GS applies here. Often times you’ll find that sectors move together so if you see a stock listed here that might be out of your price range and feel a little discouraged, don’t forget to check on some of the other companies that compete in the same industry.

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Protect Your Investments with Stop Losses:

One of the fundamental principles of successful trading is risk management, and a crucial tool in your toolkit is the use of stop losses. In the volatile world of the stock market, where prices can fluctuate rapidly, stop losses act as a safety net for your investments. By setting stop losses, you are taking control of your risk, ensuring that even in the event of unexpected downturns, you protect your capital. It's a proactive approach that can help you navigate the ups and downs of the market with confidence, providing peace of mind and enabling you to make more informed, rational decisions. Remember, the key to successful trading is not just about maximizing gains but also safeguarding against losses, and stop losses are a powerful strategy for achieving that balance.

We encourage you to share your thoughts, experiences, and feedback with us. Your insights and questions are always valued.

If you have any questions or need further information about these picks, please don't hesitate to reach out.

Happy trading, and we look forward to sharing more profitable opportunities with you in the days ahead!

Best regards,

Nic

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DISCLAIMER: Important Information Regarding Our Newsletter:

Not Financial Advice: The content provided in this newsletter is for informational purposes only and should not be considered as financial advice. The stocks mentioned here are based on our opinions and research. It is essential to conduct your research and consult with a qualified financial professional before making any investment decisions. 

Risks Involved: Investing in stocks involves substantial risk, and the value of your investments may fluctuate. You could potentially lose a significant portion or all of your invested capital. Please be aware of the risks associated with trading and investing in the stock market.

Not a Registered Investment Advisor: We are not registered investment advisors and are not authorized to provide financial advice. The information shared in this newsletter is intended for educational purposes and should not be interpreted as personalized investment guidance.

Potential Conflicts of Interest: We may or may not own positions in the stocks discussed in this newsletter. Our interests in these stocks could create a conflict of interest that may affect the objectivity of our analysis. We are not obligated to disclose our positions in the mentioned stocks.

No Guarantees: There are no guarantees of profit or success in the stock market. Past performance is not indicative of future results. The information in this newsletter should not be regarded as a promise or guarantee of future gains.

Readers' Responsibility: Readers of this newsletter are responsible for their investment decisions and should perform their due diligence, consider their risk tolerance, and seek professional advice when needed.

Liability Waiver: We are not liable for any financial losses or damages that may result from actions taken based on the content of this newsletter. By reading and acting upon the information provided, you acknowledge and accept the associated risks and release us from any liability.

Accuracy and Updates: We make reasonable efforts to ensure the accuracy of the information provided, but we do not warrant its completeness or reliability. The stock market is dynamic, and the information may become outdated. It is your responsibility to verify the accuracy of any data before making investment decisions.

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