5 Stocks to Watch Like $GBTC
Yesterday’s market session was interesting as the Dow Jones, S&P 500, and NASDAQ finished in the green. If we hold these gains to close out the week then the NASDAQ will have finished in the green 2 weeks in a row.
This is an important milestone and shows that we already experienced the bottom of the market after a painful 6 months.
If you are wondering exactly which stocks & crypto I’m trading right now then get access to my buy & sell alerts. I will also post my entire stock & crypto portfolio plus grant access to my private discord chat where you can chat with me & other community members.
Here are the stocks I’m watching for Friday, June 3rd, 2022:
Grayscale Bitcoin Trust (GBTC) - The next few days will be very significant for GBTC holders. The SEC will make its decision on the conversion of GBTC into a spot ETF by Monday, July 6th so today could be your last chance to grab the 26% discount if the SEC approves the conversion. That means you could earn a quick 26% return by buying GBTC and gambling on a positive result. The downside risk is that the SEC rejects the ETF conversion and more investors dump GBTC as a result. There is some risk here but I hold GBTC in my retirement account as well as BTC via Coinbase. Read this article to compare the benefits of GBTC vs BTC.
Urban One (UONE) - UONE is the gift that keeps on giving as we move closer to the Juneteenth holiday. UONE shares closed at $13 and I’m guessing more traders will pile into the stock leading up to Friday, June 17th. Volume still remains low so we aren’t anywhere close to a massive price spike. My entry point is $9.87 and I will continue to hold until next week.
Joby Aviation (JOBY) - I wrote a complete JOBY stock analysis on SeekingAlpha explaining why the FAA Part 135 certificate was such an important milestone. JOBY could be a 100x stock over the next few years as more people embrace eVTOLs as a faster alternative to cars. JOBY stock broke past $6 and looks like a nice buy at these current prices.
Chargepoint (CHPT) - I was right about Chargepoint and now CHPT shares are up big after the most recent earnings report. CHPT is the safer play to capitalize on the growing EV movement if you don’t know which EV stock to buy. Don’t overthink this by a long shot. My 2030 CHPT price prediction is $3,000 per share (watch video).
Chewy (CHWY) - CHWY shares finished up 24% on Thursday after the company reported a surprise profit. Pet stocks will crush it this decade as more people embrace pet ownership as an easier and cheaper alternative to raising kids. I predict marriage and birth rates will trend lower in the next couple of years so pet ownership will become very attractive. It’s interesting to note that Gamestop tycoon Ryan Cohen founded Chewy and sold it for $3.4 billion in 2017. Chewy now trades at a market cap of $12 billion.
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