Penny stocks are typically your fast-moving, high-volatility names in the stock market daily. It usually doesn’t matter what the broader markets are doing, there are usually at least a few penny stocks to buy that are moving higher. That means, if shares of Tesla (TSLA Stock Report) are down big, there could still be some tech or EV penny stocks to watch, that aren’t. However, it doesn’t hurt to look at current market trends to help decide where to focus, initially. The saying goes, “a rising tide lifts all ships,” and in the stock market, this can help.
I’m talking about different sectors experiencing either up or downbeat momentum. Obviously, optimism helps fuel buying in most cases, whereas negative sentiment usually sees more selling ensue. Analyzing these trends can become a great way to find the first few names to include on your list of penny stocks to buy. Today, for instance, we saw traders focus on things like economic numbers including jobless claims data. In light of this “event,” shares of several staffing companies were jumping during the early morning session.
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Heading into the end of the week, tech and energy stocks have begun to take some of the spotlight. It would seem that since Tesla’s Battery Day presentations, energy and tech dealing with energy have been a major focus for traders. It also helps that many of these stocks were also low float penny stocks. In these cases, it might not be a bad idea to take a closer look at some of these cheap stocks right now. Will they be on your list of penny stocks to buy or avoid before the weekend?