Market Overview

Only the S&P 500 finished higher last week, as it booked a 0.34% gain. The Nasdaq and Dow Jones Industrial Average finished 0.17% and 0.42% lower, respectively. Energy and commodities are surging, save for precious metals which finally collapsed on Friday. There is a real element of risk of rising in the tape right now, which warrants real caution as we kick off February, a seasonally weaker month. This is not the time to be a hero – be patient.

Stocks I Like

Energy Fuels (AMEX:UUUU) – 81% Return Potential

What's Happening

• Energy Fuels Inc. (UUUU) is a leading United States-based critical minerals company focused on mining uranium and producing natural uranium concentrates for carbon-free nuclear energy, with key operations including the White Mesa Mill in Utah and Nichols Ranch in Wyoming, while advancing in heavy mineral sands and rare earth elements, offering investors exposure to the rapidly growing nuclear power and sustainable energy sector with a focus on domestic production and clean energy transitions.
• The company had $24.9 million in revenue last quarter, but no earnings.
• The valuation in UUUU is astronomical. Price-to-Sales is 63.50 and Book Value is 2.96.
• At a technical level, UUUU is shaping up nicely within a saucer formation. If it breaks above the resistance zone, I'd look for another leg higher.

Why It's Happening

• Energy Fuels Inc. is leading the U.S. uranium renaissance, exceeding 2025 production and sales guidance with over one million pounds of finished U3O8 produced and strong mine output from Pinyon Plain and La Sal. As the largest domestic uranium producer with the only conventional uranium mill in the U.S., Energy Fuels is well-positioned to capitalize on rising nuclear demand, extended plant life extensions, and supportive policies emphasizing energy security and domestic sourcing.
• Strategic push into rare earth elements diversifies Energy Fuels’ growth story beyond uranium. The White Mesa Mill’s low-cost expansion for NdPr production boasts among the lowest costs globally, with recent feasibility studies confirming high-margin potential and commercial heavy rare earth output planned for 2026. This vertical integration from mining to magnet materials addresses critical supply chain vulnerabilities and taps into booming EV, wind, and defense demand.
• Major acquisition of Australian Strategic Materials creates a new “mine-to-metal & alloy” rare earth champion. The January 2026 scheme to acquire ASM for approximately A$447 million enhances Energy Fuels’ global footprint, secures non-Chinese supply chains, and accelerates heavy rare earth capabilities, reinforcing its role as a key player in reducing reliance on foreign critical minerals amid geopolitical shifts.
• Robust long-term contracts and pricing exposure provide revenue stability and upside. New uranium sales agreements through 2032 feature hybrid pricing with spot upside, while the company expects 780,000-880,000 pounds of deliveries in 2026. This de-risked backlog, combined with continued mining at high rates through 2026, supports strong cash flow generation in a market with persistent supply constraints.
• Analyst Ratings:
  • B. Riley Securities: Buy
  • HC Wainwright: Buy

My Action Plan (81% Return Potential)

• I am bullish on UUUU above $18.50-$19.00. My upside target is $40.00-$42.00.

Everspin Technologies (NASDAQ:MRAM) – 54% Return Potential

What's Happening

• Everspin Technologies, Inc. (MRAM) is a leading developer and manufacturer of magnetoresistive random access memory (MRAM) solutions, providing persistent, high-performance non-volatile memory technologies including Toggle MRAM, Spin-Transfer Torque MRAM (STT-MRAM), and TMR sensors, as well as foundry services, offering investors exposure to the rapidly growing semiconductor memory and embedded systems sector with a focus on mission-critical applications in industrial, automotive, aerospace, data centers, and AI-driven high-reliability environments.
• The company showed $14.06 million in revenue in the latest quarterly report, along with $1.46 million in earnings.
• Valuation is steep in MRAM. Price-to-Sales is 5.60, Book Value is 2.88, and EV to EBITDA is at 65.86.
• From a technical standpoint, MRAM broke out from a saucer formation. It's coming back down to retest former-resistance-turned-support. If this holds, it's a very bullish development.

Why It's Happening

• Everspin Technologies Inc. (MRAM) is the leading provider of Magnetoresistive Random Access Memory (MRAM) solutions, holding roughly 30% market share in a niche growing at a projected 13.3% CAGR through 2033. As the pioneer in persistent, non-volatile MRAM for mission-critical applications in aerospace, automotive, industrial, and IoT, Everspin benefits from increasing adoption of its high-reliability Toggle and STT-MRAM products, positioning it to capture outsized demand in sectors requiring fast, durable, and low-power memory amid the broader semiconductor recovery.
• Strong recent performance and momentum highlight Everspin’s operational execution, with shares surging significantly in early 2026—climbing to multi-year highs around $17 amid a 39% monthly gain and volume spikes signaling potential trend changes. This rally reflects growing investor recognition of MRAM’s advantages over traditional memory in high-growth areas like AI edge computing and automotive electrification, creating a narrative of undervalued leadership in persistent memory technology.
• Innovation in high-reliability MRAM expansions drives Everspin’s competitive edge. The November 2025 launch of new PERSYST MRAM devices tailored for aerospace, defense, automotive, and industrial use cases demonstrates ongoing product advancement, enabling Everspin to secure design wins and maintain premium pricing while addressing stringent reliability requirements in demanding environments.
• Upcoming catalysts and visibility bolster Everspin’s growth outlook. Participation in the Needham Growth Conference in January 2026, combined with expectations for Q4 2025 results (revenue guidance $14-15 million) and a February 2026 earnings release, provides near-term opportunities to showcase continued MRAM sales strength and licensing contributions, reinforcing confidence in sustained progress toward profitability and market share gains.
• Analyst Ratings:
  • Needham: Buy
  • Craig-Hallum: Buy

My Action Plan (54% Return Potential)

• I am bullish on MRAM above $11.00-$12.00. My upside target is $20.00-$22.00.

Immunome (NASDAQ:IMNM) – 62% Return Potential

What's Happening

• Immunome, Inc. (IMNM) is a leading clinical-stage biotechnology company focused on developing targeted oncology therapies, including first-in-class and best-in-class treatments such as antibody-drug conjugates (ADCs) and gamma secretase inhibitors, with a pipeline featuring varegacestat (in Phase 3 for desmoid tumors), IM-1021 (ROR1-targeted ADC in Phase 1), and preclinical assets like IM-3050 (FAP-targeted radioligand), offering investors exposure to the rapidly growing targeted cancer therapeutics and precision oncology sector with a focus on innovative, high-potential treatments for solid tumors and rare cancers.
• The company had $14.06 million in revenue last quarter along with $1.46 million in earnings.
• Valuation is extremely elevated in IMNM. Price-to-Sales is at 208.42 while Book Value is just 2.39.
• From a charting point of view, IMNM is bullish as long as it stays within the ascending price channel. If it breaks above the upper trendline of the formation, it could go parabolic.

Why It's Happening

• Immunome Inc. is advancing a differentiated oncology pipeline with strong momentum from the Phase 3 RINGSIDE trial of varegacestat (formerly AL102), delivering positive topline results in December 2025 that met primary and key secondary endpoints in desmoid tumors, including an 84% risk reduction in progression (HR=0.16) and 56% objective response rate versus 9% placebo. With an NDA planned for Q2 2026, this positions Immunome for potential first approval in a rare oncology indication with high unmet need, unlocking a pathway to commercialization and revenue generation in the targeted therapy space.
• Robust clinical catalysts ahead fuel Immunome’s near-term upside. Initial data from the Phase 1 trial of IM-1021 (ROR1-targeted ADC) is expected in 2026, building on early objective responses observed in B-cell lymphoma, while the FAP-targeted radioligand IM-3050 is set to enter Phase 1 after IND clearance, and preclinical ADCs (IM-1617, IM-1340, IM-1335) advance toward IND filings. These milestones create a series of value-inflection events that could validate the platform and drive pipeline expansion in solid tumors.
• Strategic focus on first-in-class and best-in-class targeted therapies enhances Immunome’s competitive positioning. Drawing on expertise in antibody-drug conjugates and novel payloads like HC74 (overcoming multi-drug resistance), the company is building a portfolio tailored to difficult-to-treat cancers, aligning with industry demand for innovative, differentiated mechanisms that offer improved efficacy and safety profiles in oncology.
• Strong financial foundation post-raises supports aggressive execution. Recent equity offerings have bolstered the balance sheet, providing runway to advance late-stage programs and early clinical assets toward key readouts and potential approvals, while disciplined spending reflects a commitment to reaching inflection points without excessive dilution pressures in the volatile biotech environment.
• Analyst Ratings:
  • Wedbush: Outperform
  • Lake Street: Buy
  • Guggenheim: Buy

My Action Plan (62% Return Potential)

• I am bullish on IMNM above $21.00-$22.00. My upside target is $40.00-$42.00.

Market-Moving Catalysts for the Week Ahead

If we just witnessed a false-breakout, then we could be on the lookout for February to be a volatile month. From a seasonal standpoint, February is known to cause issues for the bulls. It looks like a similar script could play out this time.

To be clear – this is going to setup a great dip-buying opportunity. It's not my position that this is starting a new bear market, just a run-of-the-mill correction. If anything, this is setting us up for the greatest buying opportunity of 2026.

Get Those Rates Down

Crude oil prices have been surging lately. Precious and rare earth metal prices are exploding. Fed Chair Powell continued to play hardball during his press conference. Tech is right back to underperforming after showing brief signs of life last week.

The market isn't looking at the next Fed rate cut until June. This would be around the time the next Fed Chair is set to take the helm. We know that the Trump administration is desperate for lower rates to help manage the debt load.

Few things would be more effective at getting the Fed to move than a correction in markets. The next Fed meeting is March 18, and if stocks are dropping into this period, it could finally galvanize the Fed to resume cuts.

Sector & Industry Strength

This is not the type of leadership and rotation that bulls want to see. Energy (XLE) is now the top-performing sector going back to the start of the fourth quarter, and this is typical late-cycle leadership.

Meanwhile, the tech sector (XLK) continues to slip. It hasn't reached disaster level yet, but without this sector's participation, the market is just not going to lift off. Bulls will be glad to see utilities (XLU) in last place still.

Inflationary threats are rising. Energy, basic materials, industrials, and consumer staples round out four of the top five sectors. This is not the type of environment rife with solid risk-reward opportunities – we need to tread carefully here near-term.

1 week	3 Weeks	13 Weeks	26 Weeks
Energy	Energy	Energy	Energy

Editor's Note: Late-cycle leadership continues.

New Emerging Market Opportunities (Sector ETF: ILF/SPY) 

With the dollar getting hit so hard recently, the responsible thing to do is to start looking abroad for opportunities. I'm sharing the ratio here between Latin American regional markets (ILF) and the S&P 500 (SPY).

For years, U.S. stocks dominated global markets. Latin America, especially, suffered over the past several years, but it appears as though a major corner has been turned since the ratio broke above the rounding bottom pattern on the chart below.

Moreover, we've started to print a series of higher-highs and higher-lows. This establishes a short-term uptrend and warrants diving deeper into Latin American markets in search of tradable risk-reward opportunities.

Chips Keep Confirming (Sector ETF: SMH/QQQ) 

When it comes to the underlying theme of this bull market, which is artificial intelligence, the ratio between semiconductors (SMH) and the Nasdaq 100 (QQQ) is arguably the most important one to track.

None of the technological innovation takes place without advancements in chip computing capacity. Plus, semiconductors are known to act as a leading indicator within the greater tech space.

The ratio here between SMH and QQQ is in a clear uptrend in favor of chips. It keeps making higher-highs and higher-lows ever since it broke out from the wedge pattern at the end of last year. As long as this keeps up, it's best to maintain an exposure to tech.

The Junk's Got to Move (Sector ETF: HYG/IEI) 

Despite all the moves in the forex market, credit market has remained remarkably stable. It's time to check back in on credit spreads here. This week, we're looking at the ratio between junk bonds (HYG) and 3-7 Year Treasuries (IEI).

This ratio is still hanging out its multi-year highs. This is a good sign that credit markets, along with liquidity, are stable. This comes after the Fed decided to hold off on any more rate cuts near-term, which the market expected.

If we see a breakout from the saucer formation, I would fully expect a market mania to play out. If, on the other hand, we see this ratio start dropping sharply, it opens the door for a steep stock market correction.

Cryptocurrency 

The setup in Bitcoin here is warning of further lows. Prices spent the past two months effectively consolidating the losses since last year. As a rule, consolidations near the lows are considered to be bearish.

Prices are breaking down from the symmetrical triangle formation. These are continuation patterns, and the trend remains to the downside in the short-term. The first downside target here is in the 74,000-76,000 zone.

Note how Bitcoin couldn't hold above resistance in the 94,000-95,000 zone. As long as it stays below there, the path of least resistance remains lower. But it's setting up for one of the best buying opportunities in years. Stay tuned.

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