June 29th, 2023 Watch List

Markets closed mixed yesterday, with the S&P finishing the day slightly in the red while the Nasdaq closed up .27%. Asia stocks finished mostly lower overnight while Europe stocks are in the green this morning. U.S. futures are pointing to a higher open, the Dollar and Gold are lower while Yields and Oil are higher.

It was a bumpy session yesterday, with stocks opening lower, then bouncing as the ECB forum took place, then giving back the gains into the close. The SPY tested that $435 handle before closing at $436.39... a good sign. Think that $440 test comes today or tomorrow:

Tomorrow we get the PCE data. We already got the CPI and PPI, so the number will be less impactful even if it comes in a bit above expectations. Tomorrow is also the last day of the Month, Quarter, and 1st Half. Likely to see some positioning shenanigans. The Nasdaq is set to have its best best first half since the 1980s and the Nasdaq 100 is set to have its best first half performance EVER. Pretty remarkable... one reading the front page of these financial publications this year or following Fintwit would think we were down on the year...

CMG rallied again yesterday, breaking over that $2100 hump in the morning. I was able to close most of my weekly calls for 200% and 300% and also added some more weeklies with the profits. I am riding free with some profits and will look to close more of the calls out today and use the $2095 area as a possible stop. Think CMG is set for another $150+ upside move if the rally continues today:

It was another strong day for Z, with the stock closing up 2.7%. I used the rally to close the last of my weekly strikes for 900%. May look to take a few of my July strikes off the table today to cover costs and hold the rest for the eventual move over $55:

WING closed over the $200 handle and above its 50dma... finally. Think it is only a matter of time before its $210+. Will look to close some of my calls in at 100% and hold there rest for a bigger move to all-time highs:

TRIP looks ready to go, closing over its 50dma for the first time since Feb. $18+ is coming soon:

I added CALX calls yesterday as outlined on yesterdays watchlist. A great under-the-radar play on the $42 billion Broadband Equity, Access, and Deployment (BEAD) program. CALX provides the support for many broadband providers around the country... more broadband users means more revenues for CALX - almost seems too simple. There was huge call volume yesterday on a name that usually sees just a few calls/puts traded on a given session. Over 3000 calls were traded vs. 10 puts and those calls were added to the open interest. The July $50 calls had 190 calls on the open interest going into yesterday and now have over 2,600. Considering the stock has underperformed this year, would have to think those are bullish bets, not to mention they were bought at the ask so not sold to open. Think CALX trades into the $50s this week and then higher next week as the hype train grows on ways to play this BEAD program:

Crazy how charting works sometimes. I have been putting trendines on my Gold chart for over 10 years on Stockcharts. The lines on the chart below have been updated every few weeks for years:

Sure enough, Gold found support yesterday at that trend line and bounced. It did the same thing overnight, testing $1910 and is now bouncing. If it reverses morning losses this morning I may look to lock my GLD puts and DUST calls in and re-visit. If you listened to the central bankers talk at the ECB forum yesterday, you heard a lot about a Eurozone digital currency. I don't see how this can be anything but negative for Gold - but of course I view this with my Gold bear goggles. Maybe I am wrong, or just way early. Either way, I think Gold heads lower with that $1910 area as key support but open to the possibility the Gold bugs come in and push it back to $1950+:

This could be the buy signal for FVRR. May look to add some further out strikes if the stock can cross $27 today, confirming a reversal and a possible triple-bottom:


And here is what I am watching today: CALX, ALGN, IBM, CMG, Z, SPOT, ULTA, BIDU, VKTX, ISRG, ROKU, MDGL, DPZ, YEXT, AMD, LRCX, MU, NFLX, QQQ, ZYME, AXSM, SAGE, RARE, SRPT, BLK, and EXAS.

Let's have a great day!

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)