February 27th, 2024 Watch List

Markets started the week in the red, with the S&P closing down .38% yesterday. Asia indexes closed higher overnight while Europe stocks 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-411/

It was a lackluster session for stocks to start the week, with markets melting slowly all day to close at lows. There is not much in the way of market catalysts until Thursdays PCE data so will be interesting to see if stocks can hold their ground. $504 still looks like support on the SPY with that $508.51 area being resistance:

VKTX is soaring this morning after posting positive data for their weight loss drug. The implied move for the stock was 37% coming into this week and it is up nearly 100% as I write this. My March $20 strikes I had from .60 would be $50+ if I had held 🙁 - still made nice profits on the calls but frustrating to say the least. Have to think the next step is a buyout from someone and, based on how it is trading, would think $100+ EZ. Will be eyeing a possible entry depending on premiums:

I probably should have sat on my hands with U. The company reported a mixed bag of earnings that disappointed. It is bouncing in the pre-market but likely will languish until another catalyst. Will likely take off my watchlist for now and revisit:

I also added more AI calls. They will report after the close tomorrow. I will look to close some of the calls out to cover costs and ride the rest. Still have shorts in the name who will do their best to pressure:

This DWAC bull-flag is still in full effect. Still think $60+ soon and then possibly $70+:

BURL is finally breaking out of its tight bollie setup. $210+ is coming and then maybe $220. I may look at some spec calls today:

And still have my eyes on URI as well... $700+ soon:

I sound like a broken record, but one of these days the chip space is going to get hit for no other reason than folks taking profits causing a snowball effect. When that happens LRCX and AVGO will be down 5-7%. Still holding my hedge puts and may look for other positions today:

BIDU reports tomorrow. Premiums are expensive but may look to nibble some spec calls. Think even just decent earnings/guidance and the stock is north of $120:

And here is what I am watching today: BIDU, VKTX, BURL, URI, Z, AXSM, WIX. DWAC, SPOT, RBLX, ADBE, GPCR, MASI, SNOW, ALGN, STAA, W, YOU, ALT, TWLO, ISRG, STAA, BIIB, GILD, AMLX, RDFN, 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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