2 Stocks for an Explosive October
2 Stocks that have potential in October.
Mike Sakuraba graduated with double major of English and Economics. Part time writer, part time investor, full time dad. Mike loves writing about technology, sports, and investing.
2023-10-07 11:30

Hands up if you survived the September sell-off! The S&P 500 fell by more than 8.0% in a matter of weeks. This really showed the true meaning of stocks taking the stairs up and the elevator down. But now that we’re on the other side, it’s time to get bullish again! Which stocks am I looking at for a year-end bull run? Let’s take a look at 2 that I think have a lot of explosive potential for October.
2 Stocks for an Explosive October
NVIDIA ($455.1|-2.68%)
I know, I know. Low-hanging fruit. But the thing about NVIDIA is that in a bull market, this stock is going to explode higher. It is the backbone of the tech industry now especially when it comes to cloud computing, data centers, and AI. NVIDIA’s GPUs are what power everything and if the economy is healthy and the markets are going up, NVIDIA’s stock will too. I understand that NVIDIA has already gained a lot this year. You might be skeptical about further gains. Well, it looks like institutions are still loading up. There were multiple NVIDIA call option sweeps in recent weeks targeting prices above $500. This is a bullish sign and although these trades don’t always work out, it’s never a bad idea to follow the smart money.

After falling by 12% in September, NVIDIA might be re-priced just in time for the third-quarter earnings season. We’ve also seen multiple companies including Tesla ($235.58|-1.36%) citing that they are buying as many NVIDIA chips as they can for their cars. Finally, major tech companies are pouring billions of dollars into AI with the likes of Amazon ($144.84|-1.49%), Alphabet (NASDAQ: GOOGL), and Meta Platforms ($320.02|-1.48%) all making significant investments in AI startups. You might find it expensive, but we are still in the early days of the AI race.

Coinbase ($141.09|5.48%)
I’ve written about Coinbase before and I’ll admit my opinion has fluctuated along with the crypto markets. Why do I like Coinbase now? The crypto market has gained more momentum over the past few months than the last couple of years put together. We have the upcoming decision on spot Bitcoin ETFs, the Sam Bankman-Fried trial, and European regulation in 2024.

So why Coinbase? Any bullishness around crypto in the US will stream through Coinbase as it is the last major exchange standing. On top of that, Coinbase has been making inroads in other markets including Canada, Spain, and Singapore. The company continues to branch out across Europe and is looking to truly become the global crypto brand. I believe things could be turning bullish for cryptos and if that’s the case, Coinbase is the de facto stock that rises alongside the markets. Just like NVIDIA, institutions are in agreeance as they have placed multiple bullish call sweeps for Coinbase into next year. The time to be bearish on cryptos is coming to a close and I firmly believe with all of the catalysts it can be a strong year for Coinbase’s stock.

Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

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Published On
2023-10-07 11:30

About the Author
Mike Sakuraba graduated with double major of English and Economics. Part time writer, part time investor, full time dad. Mike loves writing about technology, sports, and investing.

Perf. YTD208.84%
52W high-9.97%
52W low227.91%
PE Ratio59.96
MKT Cap1.12T
Other:  COIN

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