January 5th, 2023 Watch List

It was another red for the the S&P on Thursday, closing down .32%. Asia markets closed mixed overnight while Europe stocks are in the red this morning and at their lows. U.S. futures are pointing to a lower open, the Dollar, Yields, and Oil are higher while Gold is lower.

The rough start to 2024 continued yesterday and the S&P is now down 1.69% on the week. Pending any crazy rally today, it looks like the S&P will put an end to its 9 week winning streak. All good things come to an end and rather see some consolidation/profit-taking now, then see things become way overbought and we get a massive reversal. Good sign here if the SPY reclaim that $467.50 handle today and into the weekend, if not, fear the low $460s may come next week before earnings season kicks-off:

It was another solid session for GILD yesterday and I used the move to close the last of my calls for 400%. The stock has closed higher in 8 of the past 9 sessions and did not want to lose my profits with 1 day lefty until expiry. Not sure I will revisit today but certainly on my radar for a possible re-entry next week:

ALT rallied 17% on no real news to speak of, though LLY did announce a direct-to-consumer plan for its Zepbound drug. I still have some $15 & $20 strikes. May look to add some Feb ones today if it holds $12 for the eventual move over $15 and beyond:

Speaking of LLY, they announced a direct-to-consumer plan for their Zepbound product along with a site for support. Not the best news for WW as it means competition, but still think WW has plenty of room to exist and thrive in the environment. The stock came down to Dec lows. Not adding anything here just yet but certainly frustrating:

AMLX rallied another 3% yesterday and I was able to lock some of my calls in for 80% to help cover costs. Think $20+ is coming soon. Will look to close a few more calls to cover the rest of the costs and ride the rest:

I finally added some ROKU calls yesterday with the stock testing its 50dma. I was able to close some of the calls out for 100% to cover costs and rode the rest into today. Futures are not looking good this morning so will need a major reversal for the rest of my calls to come back to life. If it can find its way back over $89, I may look to add some strikes into next week:

YOU was added as a top pick for 2024 at Needham who also reiterated their $40 PT. The stock rallied over 4% yesterday and hopefully it is the kick it needs to test and break that $24 handle:

BIIB gave back more of its gains from earlier in the week, closing down 1%. Still like it for higher but will need to start working back to that $270 handle soon:

STAA closed nearly flat yesterday, hopefully the signs of a bottom soon and it can start working its way back into the mid-$30s. Also, may look to add some GPCR calls. Looks like that one is ready to rally into the $50s:

And here is what I am watching today: ROKU, ISRG, GPCR, ROKU, STAA, AGYS, MASI, SPOT, ALT, BIIB, GILD, AMLX, RDFN, ALGN, Z, AI, TRUP, ULTA, ISRG, RBLX, TGT, FVRR, AVAV, NFLX, EXAS, AAPL SQ, LRCX, LULU, LLY, NVO, TWLO, NOW, SITE, MELI, AVGO, and WIX.

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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