March 15th, 2023 Watch List

Stocks rallied on Tuesday, with the S&P adding 1.65%, as CPI numbers came in cooler than feared and worries over contagion from the Silicon Bank fiasco waned. Asia markets closed higher overnight while Europe indexes are tumbling this morning. U.S. futures are pointing to a rough 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-217/

Stocks opened higher yesterday, as the CPI data came in mostly inline. Markets fell in the a afternoon but found a late day surge to close back near highs. The SPY reclaimed its 200dma, a good sign, but markets are gapping down this morning on bank fears in Europe. Markets will be put to the test today. PPI data came in colder than expected this morning, so could help put a floor in. That $380 handle was tested in the pre-market hours on the SPY, would want to see that hold today or I may start looking to exit most of my call positions and look for some hedges... likely in names like FAZ and SKF:

I added some ROKU calls yesterday as the name was oversold after news that Silicon bank held over 20% of their cash. NFLX was upgraded this morning. Should help both. I may actually look to add some NFLX calls this morning as well for a bounce and move to $330+ in the coming week or two:

YEXT rallied nearly 10% yesterday, breaking over multi-year highs. Will be looking to scale out more of my calls and possibly add some later strikes:

VKTX also rallied yesterday. It has a tight bollie setup meaning a tug-of-war between buyers and sellers. Once that resolves think $15+ comes:

And lastly, still eyeing CMG. The stock rallied again yesterday but the premiums are insane on the call side all the way to $1700. If premiums come down may look to add some speculative calls for a move into the mid-high $1600s:

Certainly not gong to be aggressive today and, as I mentioned above, will look at some possible puts in financials as a hedge if the SPY can't hold $380.

And this is what I am watching today: :CMG, NFLX, ROKU, SAGE, MASI, YEXT, ULTA, MASI, ICPT, YEXT, AI, ULTA, YOU, DKNG, EXAS, U, SMG, TWLO, TRIP, RBLX, SPOT, AYX, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, ALGN, and GNRC.

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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