March 8th, 2024 Watch List

Markets closed higher on Thursday, with the S&P adding 1.03%. Asia stocks closed higher overnight while Europe indexes are mixed this morning. U.S. futures are pointing to a higher open. Yields, Oil, and the Dollar are lower while Gold is higher.

Markets rallied again on Thursday and the S&P is now up .38% on the week. The February Jobs report came out this morning that missed estimates, with the unemployment rate climbing. Almost seems like the perfect report for markets... not too hot and not too cold. Futures are rallying on the news. The SPY closed over the upper-bollinger band, so will be watching that as support on an pullbacks:

And the IWM is still on watch:

TERN gapped higher after the open yesterday and I used the move to close some of my calls out for 100%. After the close a filing from Point72 showed a new 6.3% stake in the company. Still think this heads north of $10 in the coming weeks. May look to add more calls today:

This morning AMLX announced its ALS data and it was a bomb, pretty much a zero improvement. The stock is tanking this morning, trading at cash, and my call will be bidless. Will be taking this name off the watchlist...

GPCR and VKTX sold off yesterday on news of NVO's positive Phase 1 oral GLP-1 data. Comical in my opinion. NVO added over $30 billion in valuation yesterday ... VKTX is a $9 bil company and TERN is a $500 mil company and both have oral GLP-1 drugs studies in the pipeline with data out soon. Meanwhile GPCR is a $1.2 bil company. Still love GPCR here(and ALT). Already added plenty of March strikes and may start moving out for later dated calls:

BURL gapped higher after earnings yesterday but then traded nearly flat for the rest of the session... not the type of action that bodes well for calls. Will continue to watch for possible calls to play for a move to $230+:

SE took a breather yesterday. Still like this one for upside into next week. Will be eyeing some calls today for a move north of $60:

And lastly, have been dabbling LRCX/AVGO/NOW puts the past few weeks. may look at some lotto puts today if we get any reversal.

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