March 7th, 2024 Watch List

Markets rallied on Wednesday, with the S&P adding .50%. Asia stocks closed lower overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a higher open, the Dollar, Yields, and Oil are lower while Gold is higher.

And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-418/

Stocks gapped higher yesterday, hitting highs at 1:30, before pulling back into the close. It was another tight range. Powell's prepared remarks and testimony did little to change the market sentiment and the odds of a Fed rate cut remained somewhat flat, with a 60% probability of a cut at the June meeting, up from 55%. The big driver for markets continues to be AI/Bitcoin and the demand for chips. On the flip side, the supposed 'magnificent 7' continue to struggle outside of NVDA... a rotation of sorts? Everyone always uses market breadth as a reason markets are healthy or not. Maybe a good sign here. Today is another day of testimony for Fed Chair Powell though the prepared remarks yesterday were the only catalyst. Tomorrow we get the February jobs report, an inline report should help keep markets bid. I mentioned $512.44 as an area of resistance the past few days on the SPY with the $504 handle being resistance if things get dicey:

And still keeping an eye the small-caps:

I finally entered TERN calls as outlined on yesterdays watchlist. It is a $400 mil company with early stage studies, including an Oral GLP-1 drug which will have data out in the second half of this year. Have to think some of these names get acquired ahead of data and think TERN is one of those that will benefit from the craze and FOMO. This morning NVO released their Phase 1 Oral data and it came in above expectations. Names like VKTX and GPCR are lower on the news so would not be surprised if TERN has some profit taking today though have to think that is net bullish VKTX and TERN. My TERN calls closed up over 100%. Will look to take some off to cover costs and may look for some later strikes if there is weakness today:

Think a move to $14+ can come into May(if not sooner):

GPCR is gapping lower today on the NVO data. If it holds $37.50 I will continue to look to add more calls, likely further out strikes:

BURL reported earnings this morning that bested estimates and showed more signs of improvement in their business. Think $230+ comes. Premiums will be crushed at the open with the stock only up 4% as I write this. May look at some spec calls as well as some strikes into next week:


URI couldn't find any footing after Tuesdays tumble. Still like it for higher here but will need to get start rallying soon:

SE closed up again without me yesterday. Still eyeing some calls but not going to chase:

And lastly, still eyeing more EDIT calls, but will be patient:

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

More Posts by JB: View All | Private Twitter Feed: Access Now! (For Diamond Members)