Stocks in Focus (WATT, LAKE, RIOT)

The SPY looks primed to open lower post long weekend. The price action on WATT Friday looked like someone was accumulating shares and given the recent news, I wouldn’t be shocked if the company announced more good news this week. 

Lakeland Industries, Inc (NASDAQ:LAKE) is on watch on reports that 200 people have been infected by a new coronavirus outbreak. Chinese government officials have said it can be spread human to human. My initial buy zone would be above $10.70 with a goal of $12-$13 for profit though it certainly could open up a lot higher. Earnings aren’t until March 9 which is plenty of time to see if this gets some momentum.

Bitcoin truly appears to be back and this could be the start of a big run again I think. The initial hype from a few years ago has faded and cryptocurrency is still here, growing and likely to gain momentum again in 2020. Riot Blockchain Inc (NASDAQ:RIOT) is such a horrible looking chart but at these levels I could see it running again if bitcoin makes a big move anytime soon. Buy zone here is above $1.30 so that’s the stop loss area with a goal of 10-20% but maybe a rip to $2 as well.

Retail is not a space I like to trade but breakdowns are and this one has a history of big moves after big drops so I’m watching close. Markets are down today so it’ll be really important to pay attention to divergence. If Pier 1 Imports Inc (NYSE:PIR) doesn’t go lower when the market does, that’ll be a good sign the $3.40’s are short-term bottom I can play off of. However, the rolling action late last week leaves me skeptical it’ll hold. Should it fail, even better because upside opportunity will increase.