January 31st, 2024 Watch List

Markets closed mixed on Tuesday, with the S&P and Nasdaq closing lower while the Dow closed in the green. Asia stocks also closed mixed overnight while Europe indexes are slightly higher this morning. U.S. futures are pointing to a lower open, the Dollar and Gold are higher while Yields and Oil are lower.

And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-395/

Stocks chopped around in a historically tight trading range yesterday ahead of todays Fed statement and press conference. After the close yesterday earnings from MSFT, GOOGL, and AMD did little to help markets with all three offering up disappointments of sorts, though GOOGL's ad business concerns look like a big worry. Futures on the S&P and Nasdaq are pointing to a lower open though Small-cap futures are pointing higher. Small-caps have been underperforming so something to watch. Things will certainly be choppy after 2pm today, even if the Fed offers up mostly inline comments. That $487 handle continues to be support so would want to see that hold today. Tomorrow is another big day with AAPL, AMZN, and META earnings on tap:

I added some CDLX calls yesterday after Needham reiterated their buy rating and after the company resolved a pending overhang while also issuing some nice guidance into 2024. Think it trades back over $10 in the coming weeks. May look to add more strikes if it can break over yesterdays highs:

I also locked the last of my TRIP calls out for nearly 100% as the stock languished around that $22 handle. Will certainly revisit but will be patient. Still think $24+ is coming:

And lastly, locked my FVRR calls in for a small profit. Like it for $30+ but did not want to see a repeat of last week and lose my gains. Will revisit:

VKTX closed flat yesterday. This morning NVO reported a 60% growth in revenue and its market cap is now well above $500 bil. Can only bode well for the sector as a whole. If its holds in the $23s again today, I will finally add some more strikes while also closing the last of my March $20s:

MASI held the 200dma yesterday despite the Jefferies downgrade and think it is set for more highs in the coming days:

ALGN reports after the close today. Can be $320+ or $190. I think the former but premiums will make it tough to trade. Will be watching today for possible spec calls into the report or I may look to trade it tomorrow:

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