February 2nd, 2024 Watch List

Stocks reversed Wednesday losses, with the S&P rallying 1.25% on Thursday. Asia markets closed mixed overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a green open, the Dollar and Oil are lower while Yields and Gold are higher.

And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-397/

At the close Wednesday one would think the market was on the brink of a free-fall after reading the headlines and Fintwit banter. Instead, markets found buyers on Thursday. After the close on Thursday META and AMZN posted monster quarters with AMZN showing strong growth in their AWS business, a reversal of the tone from the previous quarters. On the flip-side, AAPL reported a somewhat weak Q, led by declines in China. That is not a surprise considering what has been going on. Either way, META and AMZN earnings are enough to push futures higher again. NVDA is the last of the supposed 'magnificent 7' to report earnings, which will be out in two weeks. This morning the January Jobs report came in better than expected. So much for a recession. Futures pared gains on the news. Hopefully stocks can find some support. That $487.50 area looks like support if things get dicey today:

I added more later dated WW calls. The stock closed up 5% yesterday and think the bottom is in. Some funds are not allowed to hold 'pennystocks'... equites that trade below $5. So not sure how much of the recent weakness is due to that. On the flip side, once it breaks back over $5, it should see some nice buying pressure:

MASI rallied another 3% yesterday and looks primed for the $135 test. Will be looking to lock the last of my $130s strikes and may look for some $140 or so calls to play for further upside:

VKTX closed pretty much flat yesterday after rallying over 12% this week. Premiums remain elevated so it is tough to find a decent risk/reward strike. Still eyeing for some possible calls:

BURL closed up 3% yesterday and gave some hope that it can break that $200 handle before the week is out. It still has an extremely tight bollinger band setup. Once that breaks, should see $210+ quick. May look to add more calls into next week:

ROKU will announce earnings on Feb 15th. Still eyeing calls for some possible premium build into their report:

CDLX closed exactly flat yesterday while EHTH closed up 6%. Still love those both for upside in the coming weeks:

RBLX, U, and AI could be moves today. Will be watching for possible spec trades.

And here is what I am watching today: VKTX, BURL, SPOT, AI, RBLX, U, ROKU. ALGN, CDLX, 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.

More Posts by JB: View All | Private Twitter Feed: Access Now! (For Diamond Members)