My top stocks to watch in February 2024 have the kind of volatility that smart traders target. Every day, week, and month I survey the entire market, looking for stocks that are trending in one direction or another. Our job is to identify the stocks that have the potential to make moves and be ready to trade them if those opportunities come about.
Table of Contents
- 1 7 Top Stocks To Watch
- 2 Top 7 Stocks to Watch in February 2024
- 2.1 #1: Spirit Airlines Inc (NYSE: SAVE) — The Airline Stock Breakout That Could Be Headed for Bankruptcy
- 2.2 #2: Rail Vision Ltd (NASDAQ: RVSN) — The AI Rail Safety Stock on the Midnight Madness Watchlist
- 2.3 #3: Palantir Technologies Inc (NYSE: PLTR) — The AI Earnings Winner IRIS Swing Trade Idea
- 2.4 #4: Minim, Inc. (NASDAQ: MINM) — The Penny Stock Still Waiting on a Breakout
- 2.5 #5: Ensysce Biosciences Inc (NASDAQ: ENSC) — The Biotech Stock With an FDA Catalyst
- 2.6 #6: Invivo Therapeutics Holdings Corp (NASDAQ: NVIV) — The True Penny Stock Bankruptcy Bouncer
- 2.7 #7: Connexa Sports Technologies Inc (NASDAQ: CNXA) — The Crappy Stock With the Nasdaq Compliance Catalyst
- 3 What Do You Need to Trade Stocks?
- 4 How to Find Your Top Stocks to Watch: 5 Tips for Every Day
- 5 Conclusion
7 Top Stocks To Watch
My top stock watchlist picks for February — based on pattern, price action, and catalyst — include the following:
|Spirit Airlines Inc
|Rail Vision Ltd
|Palantir Technologies Inc
|Ensysce Biosciences Inc
|Invivo Therapeutics Holdings Corp
|Connexa Sports Technologies Inc
The stocks on this list are some of the craziest movers on the market …
Only trade these stocks if you have a solid plan and an understanding of the risks involved. I don’t trade until I see a setup I like.
Jump ahead to get to my trading plans for these top stocks!
Top 7 Stocks to Watch in February 2024
My top 7 stock picks for February are:
- NYSE: SAVE — Spirit Airlines Inc — The Airline Stock Breakout That Could Be Headed for Bankruptcy
- NASDAQ: RVSN — Rail Vision Ltd — The AI Rail Safety Stock on the Midnight Madness Watchlist
- NYSE: PLTR — Palantir Technologies Inc — The AI Earnings Winner IRIS Swing Trade Idea
- NASDAQ: MINM — Minim, Inc. — The Penny Stock Still Waiting on a Breakout
- NASDAQ: ENSC — Ensysce Biosciences Inc — The Biotech Stock With an FDA Catalyst
- NASDAQ: NVIV — Invivo Therapeutics Holdings Corp — The True Penny Stock Bankruptcy Bouncer
- NASDAQ: CNXA — Connexa Sports Technologies Inc — The Crappy Stock With the Nasdaq Compliance Catalyst
Remember — we’re traders, not investors. You need to keep that mentality in mind even if you’re a swing trader.
- Always having a trading plan — and sticking to it.
- If a stock drops below risk, you need to sell. Only losers hold onto losers.
There are some stocks on this watchlist that are day trade only. Holding onto these volatile small-cap stocks overnight can lead to some nasty surprises, like when a biotech penny stock does a new share offering to cash in on its gains.
These penny stocks aren’t directly impacted by the larger market …
But over the years I’ve noticed an indirect relationship that’s important to understand.
When major indices show strength, it leads to more plays in the penny stock niche.
We still only want to trade the best setups. Here they are …
#1: Spirit Airlines Inc (NYSE: SAVE) — The Airline Stock Breakout That Could Be Headed for Bankruptcy
My first stock pick is Spirit Airlines Inc (NYSE: SAVE).
Here’s the rub.
Spirit Airlines was on track to merge with JetBlue until a U.S. District Judge ruled the deal would negatively impact airfares around the country.
The judge highlighted the importance of a discount airline like Spirit.
On January 16, when the District Judge ruled against the merger, SAVE prices sank 60%.
There’s currently an appeal in the works. And the first brief deadline is February 26. Pay attention to the price action as we approach that date.
But there’s an issue …
Unless the company can flip a quick 180 degrees, it looks like Spirit is headed for bankruptcy.
Two days after the court’s initial decision, Dave Portnoy announced his support for the company.
I Just Bought A Ton of Spirit Airlines Stock (I Am Not A Financial Advisor) https://t.co/Fob61xj8kw— Dave Portnoy (@stoolpresidente) January 18, 2024
The tweet has well over 1 million views.
If you weren’t aware, Portnoy is the founder and CEO of Barstool Sports. It’s no secret the company has a large following on social media. And Portnoy himself is well known and liked within the community.
It’s reminiscent of the days Elon Musk would tweet about Tesla Inc. (NASDAQ: TSLA) or Doge Coin and the asset would spike.
Those were the days of the meme stocks.
And there’s some speculation that SAVE could be next on the list …
The stock price even experienced some bullish momentum after a less than awful earnings report on February 8.
“But the company might go bankrupt”
So did Bed Bath and Beyond. But before it delisted, that stock offered several profit opportunities thanks to meme hype.
The same could happen with SAVE.
#2: Rail Vision Ltd (NASDAQ: RVSN) — The AI Rail Safety Stock on the Midnight Madness Watchlist
My second stock pick is Rail Vision Ltd (NASDAQ: RVSN).
On January 22 the company announced it secured railway-standard approval in the EU.
We’re always looking for the reason that these stocks are spiking. It’s called a catalyst.
Government contracts and approvals are great catalysts for penny stocks.
As a result, this stock’s been on our watchlist for weeks!
Imagine a crappy little company that rarely announces news. It has low revenue if any. And the price lazily trades sideways with a few thousand shares a day.
Then, all of a sudden, it announces positive government involvement. That’s HUGE news for a stock that previously had very little going for it.
After the January 22 announcement, prices spiked 1,600% over several days.
The price is still trading higher than usual. And there’s support at $10.
My StocksToTrade software shows the float is still only 1.2 million shares. We trade stocks with a float below 10 million shares because a low share supply will help the price spike higher when demand increases.
But on February 5 an SEC filing announced a possible offering of up to 8.8 million shares.
Sketchy companies hold offerings to grab cash after the price of their stock spikes. It’s very common in this niche.
I’d say it’s safe to trade this intraday volatility, but I wouldn’t hold overnight.
Yes, they will pull the trap door on you while you’re asleep in bed. That’s the nature of these crappy companies.
Thankfully, we can trade the momentum if we’re wise to the game.
#3: Palantir Technologies Inc (NYSE: PLTR) — The AI Earnings Winner IRIS Swing Trade Idea
My third stock pick is Palantir Technologies Inc (NYSE: PLTR).
This stock is an obvious runner thanks to the recent AI and tech boom.
It’s a software company that works in government intelligence and defense.
The stock spiked 250% in 2023. And it’s not done …
On February 5 after the market closed, PLTR announced bullish Q4 earnings and a revenue that exceeded expectations.
The stock price promptly spiked 40% and reached past the highs in 2023.
The AI and tech sectors are alive and well. Some might say they’re the only stocks supporting 2024’s miraculous bull market.
I can’t say where the market will go from here. But the current bullish momentum offers a TON of profit opportunities in our niche.
And you don’t need to be a math wiz to catch these plays. Our AI scanner alerted the spike on PLTR.
Take advantage of these trade opportunities.
#4: Minim, Inc. (NASDAQ: MINM) — The Penny Stock Still Waiting on a Breakout
My fourth stock pick is Minim, Inc. (NASDAQ: MINM).
It spiked 1,000% on November 30, 2023 after the company received a notice of possible delisting from the SEC.
This is a classic short squeeze.
Overaggressive short sellers saw the bearish news and tried to ride the momentum lower. But when there are too many short sellers, the rush to close short positions can result in bullish momentum.
Since then the stock consolidated above the $2 level and tried to spike to new highs twice.
Pay attention to the price action. A volatile stock that consolidates above a key level is sure to offer profit opportunities.
Who knows, it could turn into the next big intraday short squeeze like MicroCloud Hologram Inc. (NASDAQ: HOLO).
#5: Ensysce Biosciences Inc (NASDAQ: ENSC) — The Biotech Stock With an FDA Catalyst
My fifth stock pick is Ensysce Biosciences Inc (NASDAQ: ENSC).
On January 23, the company announced that the U.S. Food and Drug Administration granted a breakthrough therapy designation for Ensysce’s PF614-MPAR opioid.
FDA involvement is usually a good catalyst for penny stocks. And ENSC initially spiked 60%. But the bullish momentum didn’t last and it closed the day in the red.
I’m still watching it because it:
- Is in a hot sector
- Has a low float
- 2.7 million shares
- Knows how to announce hyped-up news
It’s only a matter of time until this stock tries to spike again.
#6: Invivo Therapeutics Holdings Corp (NASDAQ: NVIV) — The True Penny Stock Bankruptcy Bouncer
My sixth stock pick is Invivo Therapeutics Holdings Corp (NASDAQ: NVIV).
There isn’t any news pushing this stock higher.
And we know it’s a trash company because the price is trading below $1. It received a notice of possible delisting on February 2.
It’s possible we’re looking at another short squeeze play similar to SAVE.
In recent days, share prices offered a lot of good volatility for potential trades. On February 6 the stock spiked 370%.
NVIV doesn’t have Portnoy pushing it higher. But it’s in the biotech sector. And biotech stocks have been hot since January 2023.
#7: Connexa Sports Technologies Inc (NASDAQ: CNXA) — The Crappy Stock With the Nasdaq Compliance Catalyst
My seventh stock pick is Connexa Sports Technologies Inc (NASDAQ: CNXA).
In case you were wondering what it looks like when a trashy company regains compliance with the stock exchange, I included CNXA.
On January 31 the stock announced it regained compliance with the Nasdaq’s minimum shareholder equity rule. The rule states a stock must retain a market value of at least $2.5 million.
The company received investments totalling $16.5 million from non-U.S. investors to meet the requirement.
But you’ll notice that share prices started to slip again after the announcement.
If this stock falls out of compliance, there’s a chance it could secure more financing and spike again. Either that, or it cleverly talks its way into some other deal.
It’s not a 100% guarantee. We have to wait for an announcement and the subsequent price spike. But we’ve already seen it happen once.
And patterns can repeat in the stock market.
What Do You Need to Trade Stocks?
The biggest thing you need to become a self-sufficient trader is something money can’t buy…
Everything else is easy enough to come by.
Most brokers don’t charge commissions when you buy listed stocks — which is every stock on this list.
You can see the brokers I recommend here.
What else do you need?
StocksToTrade puts top-of-the-line charts and stock screening at your fingertips. It’s got a built-in news scanner that puts earnings reports and news that move stocks in one place.
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Then comes the hard part…
Paper trading is a good way to get your feet wet. StocksToTrade can do that too.
Our trading community will bring you live webinars, strategy sessions, and the chance to ask questions of me and other top traders.
My goal is to teach you how to think for yourself and trade through any kind of market.
Here’s one of the biggest things I teach you to do…
How to Find Your Top Stocks to Watch: 5 Tips for Every Day
The best traders don’t believe in ‘hot stocks.’ They watch what the market is doing every single day.
There’s no trick to it. Building a daily watchlist comes down to five easy steps.
#1: Run Your Scans
You know what’s moving by setting your stock screener to pick up the right stocks.
I run scans all through premarket, looking for stocks up at least 10%, on decent volume and a catalyst that isn’t complete garbage.
The market is a game of supply and demand. A stock screener is the best way of measuring that demand.
#2: Know Your Catalysts
Crappy penny stocks will always have press releases and celebrity tweets when they’re running. It’s your job to know what’s fluff and what isn’t.
Luckily, it isn’t hard. Is the market reacting well to it? Then it’s probably decent news.
We have an add-on service specifically dedicated to the news that moves stocks. It’s called Breaking News Chat — and it can be your secret weapon.
#3: Study the Charts
Studying charts can be the difference between randomly trading a stock and seeing a good entry.
How do I know that most days TSLA starts the day red it often finishes green? It’s because I’ve studied its charts.
#4: Look for Volume
Volume is the biggest indicator of price action.
You can trade a stock move with no news. But you probably don’t want to make a trade with no volume.
This is another thing to study when you’re looking at a chart.
Take a look at a stock’s biggest moves. How much volume does it get when it’s making a move?
#5: Learn From Other Traders
Never copy another trader’s trades. If you’re last in on a trade, you’ll only make money by luck. And you sure won’t learn to trade for yourself.
The training we offer at StocksToTrade is designed to help you become a self-sufficient trader. We show you how we come up with our trade ideas, we don’t give them to you.
Profit and loss isn’t the mark of a good trader. It’s the planning and execution you put in.
We can help you get there in a few different ways:
- My Weekly Watchlist: On Sundays, my weekly watchlist is free on StocksToTrade’s YouTube channel.
- StocksToTrade Advisory: This is an intro to my trading approach — with premarket sessions, a weekly watchlist, and an in-depth monthly report.
- StocksToTrade Daily Accelerator: This is my no-cost daily newsletter, filled with mindset tips, the best plays of the week, and whatever else I think needs sharing.
I’ve shown you the work that goes into building a watchlist…
And I hope I’ve scared you enough that you don’t take these picks as recommendations!
Trading is something you do at the same time as millions of other people. Having stock picks is as silly as taking cue cards on a date…
And it works about as well.
Your trading success doesn’t depend on any ‘secrets’ I can tell you. The only thing it depends on is you learning about your own trading style.
Treat this watchlist as a starting point. Keep on working on your own watchlists until they fit the way you trade.
What do you think about the stocks I’m watching this month? Have you traded any of them? Let me know in the comments!