5 Stocks on My Buy List as I Await a 'Major Turn' and Eye Druckenmiller Interest
Here's what I'm focused on finding as I look to put more cash to work. And if Stanley Druckenmiller is interested, I want to take a closer look.
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The market mood improved significantly on Tuesday, even though there isn’t any significant news flow. President Trump's attacks on Fed Chair Powell are being ignored after the market indicated its displeasure with the idea of firing him on Monday. There is some talk about progress on trade deals, and investors don’t want to be on the sidelines if and when some news does hit.
Breadth is running robustly at around 7,800 gainers to 1,550 decliners. There are only about 50 stocks hitting new 12-month lows, which may be a sign that things have already been washed out. The Magnificent Seven MAGS has regained 2%, and the DJIA is leading the indexes. The biotechnology sector IBB is acting well again.
Still, the gap-up open like we have Tuesday hasn’t worked very well recently. All the big gaps have been filled fairly fast. A strong close would be a nice change in market character.
I’m looking to put more cash to work, but I do not feel the need to rush. As I’ve discussed lately, I like the biotechnology sector and have made a few additions Tuesday to TG Therapeutics TGTX, Lantheus LNTH, and Xeris Biopharma XERS. I am very optimistic about a major turn in the sector.
In other sectors, I’m looking at Nebius Group (NBIS) in the data center group, which has been basing just over $20 for a couple of weeks now and seems to have good support. I’ll keep a close stop on this.
Another name that caught my eye is PureCycle Technologies PCT. There is news Tuesday that Stanely Druckenmiller’s Duquesne Family Office bought revenue bonds to add to its existing common stock position.
PureCycle recycles polypropylene plastic waste into ultra-pure, virgin-like resin using a solvent-based purification process. It serves industries needing high-quality recycled resin while addressing environmental concerns. It operating from its Ironton, Ohio facility and is expanding globally.
I have to do more research on PureCycle but it appears to have found support at $5.50 and if Druckenmiller is interested, I want to take a closer look.
I am focused on finding charts that appear to have found some support and are starting to show signs of turning higher. Many stocks have been badly punished already, and even if overall market struggles continue, there may not be much downside left.
At the time of publication, Rev Shark was long TGTX, LNTH, XERS, NBIS and PCT.
