December 12th, 2023 Watch List

Markets rallied to start the week, with the S&P adding .39%. Asia markets closed in the green overnight while Europe indexes are mixed this morning. U.S. futures are pointing to a higher open. The Dollar, Yields, and Oil are lower while Gold is higher.

And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-368/

Markets closed higher to start the week, with stocks chopping around until the 11am hour, before finding a bid to close at the highs of the session. Seems that 11am hour has been key for direction as of late, something to watch. This morning the November CPI number came in a tad higher than expected. Futures rallied at first but have since pared some of the gains. Probably a good thing the number is not too much higher or lower than expectations so think the market can shake it off. The SPY closed solidly over the $460 handle yesterday and at 2022 highs. If things get dicey that $460 area should provide support. Would expect some chop here today and tomorrow ahead of the Fed with the $463.59 area likely being some resistance on any upside(the upper bollie):

I added some ISRG calls yesterday. It is a name I traded in November and August for some nice gains. The stock has a history of some solid multi-day moves, likely buoyed somewhat by its stock buyback program. Back in August it ran from $288 to $320 over a few day period. Not saying the same happens here, but do think $330 can come. The stock would likely be much higher right now without the backdrop of GLP-1 drugs, which somehow have pressured med-tech names. Will hold my calls while also looking to take some profits on the way up:

I also added CHWY calls as outlined on the watchlist yesterday. CHWY is a 'catch-up' play and also looks likes their earnings last week was a reset for expectations... a good thing. They also have their first ever investor day on Thursday. Think mid-$20s coming this week and plenty of space once that $21 handle breaks:

TRUP rallied over $30 yesterday, before finding some sellers to close at $29.35. Uptrend is still intact, once that $30.46 200dma breaks, should be blue-skies to $35+:

A solid day for FVRR as well. Think $30+ here soon as well:

VKTX gave back some of its gains from last week, closing down 5%. LLY and NVO were under pressure most of yesterday, although LLY was able to close flat. Just some profit talking before the next leg in my humble opinion. FWIW VKTX was up 42% last week:

WW showed life again yesterday, before sellers push it down to a flat close. 4 straight sessions of green, only a matter of time before it breaks that $7.96 200dma - where I will add some more calls:

GILD and BIIB are part of my 'catch-up' list into the end of the year. Both rallied yesterday. Trying not to add too much risk here but may look to nibble some spec calls if either shows more strength again today:

GILD:

BIIB:

ADBE rallied yesterday. Premiums remain expensive so I will likely sit on the sidelines for their earnings and look to re-visit:

Still working out the kinks on the 2k challenge details, hoping to have the details out today.

And here is what I am watching: ADBE, CHWY, Z, SPOT, AI, Z, ROKU, TRUP, ULTA, ISRG, ALGN, ADBE, ROKU, RBLX, TGT, FVRR, AVAV, NFLX, DIS, EXAS, AAPL SQ, WW, MA. MDB, AZO, LRCX, LULU, LLY, NVO, TWLO, AZO, ULTA, ORLY, NOW, SITE, MELI, AVGO, WIX, OKTA, CMG, QQQ, BLK and TEAM.

Let's have a great day!

-JB

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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