August 29th, 2023 Watch List

Markets rallied to start the week, with the S&P adding .63% in a choppy session. Asia markets closed higher overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a flat open, the Dollar, Yields, and Oil are higher while Gold is lower.

And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-312/

It was a choppy session for stocks on Monday, with the S&P hitting highs in the morning, fading the gains into the afternoon, before finding a surge to close in the green. Falling yields seemed to provide some catalyst for markets. The big data of the week will be Thursday's PCE number and Fridays August Jobs report. Likely another choppy session again today. That $443 handle on the SPY was strong resistance yesterday, with the market selling off the instant it was hit. If that breaks, the 50dma is next and would bode well heading into Thursday. If yields start to rise again, could pressure stocks and would want to see $440 or so hold today:

Finally, some life for WW. The stock closed up over 6% yesterday and over that $10 handle. Some continuation today would bode well for that $12 break, which could come this week, Still not adding any more strikes just yet:

I added some ISRG calls at the open as outlined on yesterdays watchlist and with the stock running after the open. It tested $305 after I added the calls, only to chop around in a tight range for the rest of the day to close at $301.48. Will need to find more buyers today and break above $305. Once that happens, think $310+ today or tomorrow and then $315+ into the end of the week:

ULTA still looks shaky here. The stock tested $314 after the open only to reverse course to $305 before bouncing. A test and break of $305 sends it $290 quick. Will be eyeing puts again today:

LULU closed flat yesterday, a good thing for the premiums. Still eyeing some potential puts to play into earnings on Thursday. Will likely wait for a test of $362 first. If that falls, will look for some puts, likely $320 weekly strikes:

VKTX chart is tight, with the stock holding onto that 200dma. Only a matter of time here for a breakout:

Reports of more accommodative measures by China to stem the economic tide had their markets up overnight and China ADR's gapping higher this morning. BIDU premiums are elevated so was tough to find a decent risk/reward strike yesterday. Will be eyeing the stock for some calls again today, likely $145 weekly strikes if the stock holds its morning gains:

GOLD is dipping this morning. Still have on watch to potentially add some more GLD puts and or GLL calls for the move to $1915 and below.

And lastly, ROKU is getting tight. $90+ will be back soon once it finds a floor, which looks to be right around here at $76:

And this is what I am watching today: BIDU, ROKU, GLD, GLL, LULU, ULTA, ISRG, VKTX, WW, AI, LRCX, NVDA, ALGN, CMG, QQQ, SPOT, TEAM, BLK, IBM, and NFLX. 

Let's have a great day!

-JB

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JimmyBob (Scott)has been trading equities for over 15 years, a majority of which were OTC micro-cap stocks. He started trading high risk stock options over the past 7 years, and has proven winning trades in excess of 15,000%.

As one of the Co-Founders of optionmillionaires.com, Scott enjoys sharing his knowledge with other investors through timely blog posts, daily watch lists in the forum, weekly webinars, and helpful advice within the chatroom.

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