February 1st, 2024 Watch List

Markets tumbled on Wednesday with the S&P losing 1.6% while the Nasdaq fell over 2%. Asia markets closed mostly lower overnight while Europe indexes are mixed this morning. U.S. futures are pointing to a higher open, the Dollar, Yields, and Oil are higher while Gold is lower.

Markets took it on the chin yesterday, opening lower and bleeding after the Fed statement and Powell press conference where he downplayed a possible rate cut in March. He still left the option on the table but the market has ratcheted down its expectations of one in March. Hate to see the market fall when I am in calls but think the pull back bodes well for more highs in the coming weeks. $482.85 looks like support now with that $487. handle being resistance. Today also brings earnings from AAPL, AMZN, and META. Hopefully they report some decent results and put the worries aside from GOOGL and MSFT:

I finally locked the last of my VKTX March calls in for over 1000% as the stock broke into the $25s. I was trying to find later dated strikes but the premiums are high which makes the risk/reward difficult. They will announce earnings next week(and likely updates). May look at some March $30 calls or so if it holds $24 today:

MASI reversed a downgrade yesterday to trade into the $134s in the morning before giving back the gains to close at $128.94. I used the move to lock some of my calls in for over 100%. Think $135+ is coming soon:

And lastly, I finally entered more WW calls with the stock trading under $4. Think its only a mater of time before it catches fire again. May look for more strikes to play for a move back into the double-digits in the coming months:

CDLX traded up near $9 in the morning only to give back the gains and then some to close off nearly 5%. Still like this for double=digits and may look for more calls today on strength:

A rough session for BURL, treading water for most of the day before pulling back into the close in sympathy with the market. Still has tight bollies and think $210 comes soon pending any market shenanigans:

Both FVRR and TRIP fell yesterday, so was lucky to have closed my calls out. Will be watching both for potential re-entries:

ALGN posted a strong beat and raise after the close yesterday and the stock is rallying this morning. Premiums were crazy and most of the calls will be in the red despite the move. I think $320+ is coming so may look to add some calls if the premiums come down:

And here is what I am watching today: VKTX, WW, SPOT, ROKU. ALGN, CDLX, ROKU, SPOT, FVRR, TRIP, ADBE, IBM, NFLX, TSLA, STAA, W, YOU, ALT, TWLO, ISRG, MASI, GPCR, STAA, BIIB, GILD, AMLX, RDFN, ALGN, Z, AI, TRUP, ULTA, RBLX, TGT, AVAV, EXAS, AAPL SQ, LRCX, LULU, LLY, and NVO

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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