March 4th, 2024 Watch List

Markets closed higher last week, with the S&P adding another .98% to close at record highs and in the green for the 16th time over the past 18 weeks. Asia markets closed in the green overnight while Europe indexes are mixed this morning. U.S. futures are pointing to a slightly lower open, the Dollar and Yields are higher while Oil are Gold is lower.

Last week was another green one for stocks as they continued to rally into record highs led by the AI craze. One of these weeks will be the start of the Bio craze, hopefully soon. This week we still have plenty of earnings, here are some implied moves:

Powell will also have his semi-annual testimonies before Senate and House Committees and then on Friday we get the February Jobs report. Hard to see anything this week that will derail the rally besides eventual profit taking. The upper-bollinger band is $512.44 on the SPY so could be a bit of resistance with that $504 area being support if things get dicey:

Another good sign last week was the performance in small-caps as they rallied 3%:

And lastly, IBB is showing signs of finally starting to breakout. Bio's are still well off 2021 levels, so if they take the baton from AI/CHIPs, could provide the next leg for indexes:

The GLP-1 craze continues to heat up and it seems every few hours there is a new VKTX buy-out article. Where were they at $10 back in November like we were? Just bodes well for sympathy names like GPCR and ALT. Will continue to hold my calls and may look for more strikes on GPCR. Their data wasn't as good as VKTX's but the market is so huge, think there will be plenty of room for many players just like the Major Depressive Disorder market. Think that $50 is coming quick on GPCR:

And still like ALT for an eventual move to $20+:

AMLX should be much higher. $30+ soon and may look for more strikes here as well:

Still holding the freebie EDIT calls. Still think this trades north of $12 in the coming days, and then higher in the coming weeks. May actually look to add more strikes today:

BURL reports earnings Thursday before the open. Any decent Q and think it trades $230+. Will be eyeing some calls today:

SE was one of my top 5 stocks a few years back. It reported earnings this morning that bested estimates. Could be a runner today even with its 14% gap. May look at some spec calls :

And as I keep mention the past week or so, at some point this AI/Chip craze will find some seller and names will be down 5-7% on no news or catalyst. So will continue to eye possible hedges in LRCX, AMD, and MU(AVGO reports this week so premiums are elevated).

And here is what I am watching today: BURL AMLX, SE , EDIT, GPCR, VKTX, ALT, LRCX, 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.

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