March 13th, 2024 Watch List

Markets rallied on Tuesday, with the S&P adding 1.12%. Asia stocks fell overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a flat open, the Dollar is lower while Yields, Oil, and Gold are higher.

Stocks rallied on Tuesday, despite CPI data that came in a tad higher than expectations - a good sign. NVDA soared over 7% and the AI/Chip craze resumed its uptrend. At some point there will be a pull. There is not much in the way of data today but tomorrow we get PPI and February retail sales number. Yesterday was the S&P's 17th record close, will need a strong session today to make it to 18. The upper bollie on the SPY is now at $518.88, so should provide some resistance with that $512.50 area being support:

Despite the market rally, small-caps closed lower. Still keeping an eye here as a possible reversal signal:

It has been a quiet week so far as I have sat on my hands. I have been eyeing ADBE calls ahead of its earnings but premiums are insane. Will likely continue to do so and revisit after they report.

NVDA, SMCI, and the AI/CHIP space soared yesterday. I know the broken record keeps playing but I think there will be a great opportunity to play some puts in the coming days. NOW, AVGO, and LRCX are my preferred names so don't be surprised if you see me enter more spec puts:

TERN fell again yesterday. Needs to hold here today. Still think $10+ soon and may add more strikes:

VKTX closed up over 5% yesterday. Premiums are insane on the call side but do think positive oral data can catapult the stock into the low $100s. May look to add some spec calls, data will be out any day now:

And GPCR is selling off in sympathy. Still love this as a GLP-1 play:

ADBE rallied another 3% yesterday and will report earnings after the close Thursday. Premiums are still insane so it is difficult to find a decent risk/reward position. Will continue to watch:

And this is what I am watching today: ADBE, BURL, AI, U, VKTX, GPCR, TERN, LRCX, NOW, AVGO, SNOW, MDB, SE, ALT, EDIT, GPCR, ALT, AMD, MU, URI, Z, AXSM, WIX. DWAC, SPOT, ADBE, MASI, ALGN, STAA, W, YOU, ALT, TWLO, ISRG, STAA, BIIB, GILD, RDFN, 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)