James “Rev Shark” Deporre isn’t one to let grass grow under his feet.
With the stock market on a downward trend, Deporre has his sights set on more than a dozen stocks on his “shopping list” that should survive the test of time (and of a choppy market) and add some heft to an investor’s portfolio.
“The bearish narrative has been gaining some traction and virtually everyone is aware of the fact that September is on average the weakest month of the year,” Deporre wrote recently on Real Money. “The combination of extended technical conditions, with some slowing in the economy and negative seasonality makes the bearish call pretty easy.”
Among the names Deporre is keeping an eye on are Butterfly Network (BFLY) , Elys Game Technology ELYS, Aurinia Pharmaceuticals (AUPH Get Aurinia Pharmaceuticals Inc. Report, Performant Financial (PFMT Get Performant Financial Corporation Report and urban-gro (UGRO) . Others include Xeris Pharmaceuticals (XERS Get Xeris Pharmaceuticals Inc Report, AMMO POWW, Beyond Air (XAIR Get Beyond Air Inc Report and ProQR Therapeutics (PRQR Get ProQR Therapeutics N.V. Report. “My positions change very fast and I'm actively trading all these names,” Deporre noted.
According to Deporre, the most positive attribute this market has going for it is the number of folks that are looking for deeper corrective action. Yet when the downside seems this easy it doesn't work as well, and that’s not good news for market bears.
“Many folks have already made defensive moves and they now have cash and are looking for potential entry points if stocks sink further,” Deporre said. “I believe that there is still too much retail interest to produce the sort of meltdown that many bearish pundits think is inevitable.”
