January 30th, 2024 Watch List

Markets rallied to start the week, with the S&P adding .76%. Asia stocks closed mostly lower overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a lower open, the Dollar and Gold are higher while Yields and Oil are lower.

The S&P closed at its 6th record high yesterday and has finished higher in 7 of the past 8 sessions. That will certainly be tested later today when MSFT and GOOGL report earnings. Have to think those would be the two best suited to kick this cycle off outside of NVDA. Strong reports and stocks will likely continue their course. Misses and/or weak guidance and things will get interesting. Tomorrow is also a big day with the Fed statement and presser. Some would say stocks being at all-the highs leaves little room for error for the Fed... I think that most of what Powell will say is already baked in. Guess we will find out. The SPY is back to riding that upper-bollinger band. Maybe some more chop in the morning before a green close with that $487 handle being new support:

FVRR started the week off with a bang, just like last week, closing up over 8%. Last time I missed out on closing some calls out to cover my costs, I will not make the same mistake this time. If it can rally into the $29s today, think that $30 handle finally comes. Once that happens, I may look for some March strikes to encompass earnings:

TRIP also had another strong session, closing up nearly 2% and over that $22 resistance. I locked some of my calls in for the 2k challenge at nearly 100%. Think $24+ is coming soon if this holds, and just like FVRR, may look at some March strikes to encompass earnings today:

A great session for MASI on Monday, closing up over 2% and holding that 200dma. This morning Jefferies downgraded the stock but then raised their PT. These analysts are comical. Think it will be shaken off and work its way to the mid $130s:

Make it 4 sessions in a row of green for YOU after its 7 sessions pullback from the $22s. Only a matter of time before this beaks out:

Such a disappointing session for W, testing the $53s in the morning on no news to speak of, before bouncing back to close down 2%. Still think this heads much higher in the coming days. Will wait for strength to return before I look to add any more strikes:



VKTX broke over $23 again yesterday and is gapping over $24 this morning. $25.72 was its May high in 2023 so will be the next spot to watch. Based on its recent volatility, it is difficult for me to have enough conviction to add more strikes just yet. If it can hold $24 today, I may start nibbling at more strikes while also closing the last of my March $20s:

Of course SPOT is trading over $220 this morning after a UBS upgrade... it couldn't get upgraded last week? Not sure I will chase here but do think it trades north of $230 this week. ROKU also had a strong session yesterday, closing at highs for the first time in recent memory. Will be watching both for possible spec trades today, especially if ROKU breaks its 50dma at $94.23:

And lastly, EHTH closed up another 6% yesterday and think $8+ is coming. Will continue to hold my calls while using the $6.80 area as a possible stop:

And this is what I am watching today: VKTX, ROKU, SPOT, ALGN, FVRR, TRIP, BURL, 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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