Buying Penny Stocks on July 8th? Here’s What You Need to Know
If you’re thinking about buying penny stocks on July 8th, there is a lot to know. For starters, we know that there is a considerable amount of volatility in the stock market right now. This is the result of rising inflation and a subsequent rise in interest rates.
While it is not impossible to make money with penny stocks by any means, investors need to stay on top of the market to understand how to profit. With this in mind, let’s take a look at what you missed open July 7th, 2022.
Stock Market Recap, July 7th, 2022
On July 7th, we saw a positive day of trading for penny stocks and blue chips. With that, the S&P 500 rose for the fourth consecutive day. This comes with gains across all sectors as the S&P 500, NASDAQ, and Dow Jones added 1.5%, 2.3% and 1.1% respectively.
Of course, this recent bullish momentum is exciting. But, we have to remember that there is a large amount of volatility and uncertainty about the future. So, always make sure to keep this in mind when trading penny stocks. With that in mind, here’s what you need to know about investing on July 8th.
What You Need to Know About Buying Penny Stocks on July 8th
On July 8th, there is a lot to look forward to. We have the Labor Department’s release of the latest monthly employment report coming at 8:30 AM EST. This will be an exciting piece of information for investors to look at and understand.
And while it may not dictate which way the trading day goes, it will likely have a material effect on how the stock market opens. Right now, investors should continue to consider exactly what is going on in the broader market. This is the best way to understand where penny stocks and blue chips could go in the near future. Considering this, here are three penny stocks to watch today.
3 Penny Stocks to Watch Today
- Ebang International Holdings Inc. (NASDAQ: EBON)
- AcelRx Pharmaceuticals Inc. (NASDAQ: ACRX)
- Titan Pharmaceuticals Inc. (NASDAQ: TTNP)
Ebang International Holdings Inc. (NASDAQ: EBON)
During trading and after hours on July 7th, shares of EBON stock managed to shoot up by more than 24% and over 4% respectively. These are sizable gains that come after a few pieces of news. On one hand, the company recently rallied following a delisting warning from the NASDAQ.
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And on the other hand, Ebang International is benefiting from the most recent cryptocurrency rally. So, while it is hard to say if EBON stock will continue to make gains in the coming days or weeks, it’s clear that there is bullish interest in it. With that in mind, will it be on your penny stocks watchlist or not?
AcelRx Pharmaceuticals Inc. (NASDAQ: ACRX)
Another major gainer on July 7th was ACRX stock. At EOD, shares of ACRX stock had exploded by over 35% before shooting up by another 2% in after hours. And, in the last month, shares of ACRX stock have pushed up by over 60%, which is no small feat.
While there is no company specific news right now, ACRX has seen major bullish sentiment recently. This could be due to the overall bullish sentiment we are witnessing with biotech penny stocks right now. But, it is hard to tell. So, with all of this considered, do you think that ACRX is worth adding to your list of penny stocks to buy?
Titan Pharmaceuticals Inc. (NASDAQ: TTNP)
On July 7th, TTNP stock joined the other biotech penny stocks, pushing up by over 25%. And, in the past five day period, TTNP has shot up by a staggering 89%. The biggest recent news came on July 5th when the company announced FDA clearance for Nalmefene implant.
This comes after its six month formulation of nalmefene, which is an opioid antagonist. With this FDA Clearance, the company should be able to move forward with engaging in several key milestones. Considering that, does it belong on your penny stocks watchlist or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy in 2022 is challenging. And although we have seen some bullish sentiment as of late, it is impossible to say whether or not it can continue in the coming weeks and months.
Right now, it all comes down to having a trading strategy and being able to use it to your advantage. While it is not easy to do so, making money with penny stocks is entirely possible. Considering this, which penny stocks are you watching right now?