Look for Long-Term Ideas Trading Near Lows Now

With stocks showing some seasonal weakness, investors may want to turn from volatile big-name companies near their highs. Instead, it may be time to look at stocks that are well off their highs, and could be set up for a strong year-end rally.

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  • Some companies in tech fit the bill. With the market’s interest in artificial intelligence-related stocks, the big winners could come from other tech trends that are still unfolding.

    For instance, this could be the first year that over half of all new electricity generation comes from solar power. Yet many companies developing and rolling out solar technology are unloved and oversold by the market right now.

    That includes Enphase Energy (ENPH). Shares are at a 52-week low, and are down over 60 percent in the past year… even as revenues are up 34 percent and earnings doubled.

    Action to take: Shares are still in a downtrend, but the rate of decline is slowing. That suggests the low may be in soon. Investors could see market-beating returns on a rebound once that turnaround happens.

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  • For traders, the November $115 puts, last going for about $8.70, could see mid-double-digit returns on a further drop lower. Once shares start to flip, traders should look at call options expiring in 2024 to play the rebound.



    Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.

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