Hello, fellow traders! Andy here from Trade Ideas. Welcome back to our pulse check on the markets and the exciting stock opportunities we’re seeing. Today’s date is January 29th, a Monday morning, and we find ourselves on the penultimate stretch of the month with just three more days to go. So, let’s dive in and see what the markets hint at as we stand on the flatline with the SPY, amidst a quiet yet tense wait for potential moves.

Despite the SPY not bustling with activity at the moment and moving somewhat sideways for the past three days, there’s definitely an undercurrent of a tussle playing out in the market. It’s as if investors are holding their breath, observing if there might be some retracement – a “backing and filling” to use trader lingo – perhaps to retest the waters after the recent breakout. But as we always say in trading, time will tell.

In the spirit of time revealing all, let’s shift our focus to individual stock setups, which might just be a breath of fresh air for your portfolio.

Trade of the Week: Centennial One

Our trade of the week pick is Centennial One, a position I’ve personally taken on. I brought this up the other day, and I’m quite fond of the way it’s drawing back to interact with its moving averages, building a base on a discernable support level. I took the leap and bought into this on Friday, and as of today, it’s perking up with a noticeable gap to the upside. Those keen on this play may want to exercise a bit of patience, though. Keep an eye out for a pullback as a more opportune entry point for Centennial One.

“In trading, it’s just as much about timing the market as it is about time in the market.”

Stocks to Watch: The List Grows

Let’s expand our horizon to a few other interesting prospects on today’s list:

Shopify (SHOP)

Shopify, commonly referred to on trading floors as ‘SHOP’, has earned a place on our watchlist. The setup here is intriguing, teetering right on the edge of a significant threshold. The critical level to watch is around the $83.10 mark. Should SHOP break through that resistance, we could be looking at a truly explosive move. So, don’t forget to set your price alerts!

VTRS

VTRS presents yet another attractive setup. The stock is currently ‘levitating’ – if I may – above its 10 and 20 period moving averages, showing a grace that’s hard to ignore. Now, where you’d place a price alert could vary. Some may want to edge a little above $12 and watch for confirmatory volume to jump in. The elegance of this situation speaks volumes, and VTRS is certainly one to keep on your radar.

Cameco Corp (CCJ)

For those who dare to think outside the conventional box, Cameco Corp, or CCJ, might just pique your interest. Following a robust volume gap, we’ve seen a pullback that gripped my attention. I’m on alert for a further dip to maybe tag the $45 level, coinciding with the 50 period moving average. Such opportunities can be precarious, so consider approaching with a calculated risk – perhaps a fractional position to start.

Xeris Pharmaceuticals (XERS)

Last on today’s brief is Xeris Pharmaceuticals, which goes by XERS. Here, we’re witnessing an attempt to breach a resistance level and claw above its moving averages post a gap fill. It’s like watching an underdog find its footing. Definitely, a scenario to monitor closely.

Trading Community: Share and Learn

That wraps up our rundown for now, but the list of potential trades runs deeper, folks. If you’re a part of the Trade Ideas community, hop into the doc channel bar and search for ‘TI trader’ for more insights, discussions, and trade ideas from traders like you and me.

Remember, trading isn’t just about catching the wave; it’s about being ready for when the wave comes to you. Stay patient, stay alert, and, above all, stay informed.

Looking forward to catching up with you tomorrow. Let’s make the remaining three days of the month count. Take care and happy trading!