May 16th, 2024 Watch List

Markets soared on Wednesday, with the S&P adding 1.17% after CPI data was mostly inline. Asia markets rallied overnight while Europe indexes are in the red this morning, although off their lows. U.S. futures are pointing to a slightly higher open, the Dollar and Gold are higher while Yields and Oil are lower.

And here is my rant from yesterday if you missed it : https://www.optionmillionaires.com/jb-afternoon-rant-may-15th-2024/

Welcome to record highs. Stocks rallied yesterday after the somewhat cooler than expected CPI data(along with weak retails sales numbers). Where do we go from here? The S&P has now closed higher in 9 of the past 10 sessions, and the sole outlier was a fraction in the red or it would be 10 for 10. The Upper-bollinger on the SPY is $529.31 so we could snap back below there today or tomorrow. At the same time, new highs tend to beget new highs, so would not be suprised to see a $540 test in the next week or two. Once that happens will start looking at potential pull-back areas:

What a monster day for DELL, the stock soared over 11% and crossed the $100 billion threshold. Most of the move can be attributed to an MS upgrade but, if you have listened to my rants, thought this move was long over due. I was able to close my May calls out for some profits and still hold the higher strike. They have the Vegas event next week and earnings the following week. $165+ seems in the cards. May look to nibble some spec calls:

I added ADBE calls. Think the stock is set to bounce back into the $500s and beyond in the coming sessions. If it breaks $500 today or tomorrow may look for some more later dated strikes as well. Call me crazy, but $540+ possible once it gains some momentum:

Another strong day for IIPR, closing up over 2%. $120 seems a foregone conclusion now. May look to add some July calls on strength today:

ROKU closed pretty much flat yesterday. Still think $70+ soon:

AA closed over its 50dma for the 2nd session in a row and looks set to break its 200dma. Will be looking to close my May strikes while also lookong at some June calls today to ecompass its earnings on May 29th:

TRUP tumbled nearly 10% yesterday with the rest of the high short/MEME names. This morning BofA upgraded the stock to a Buy with a $49 PT up from $35. Could be the start of a sentiment change on the name. May look at some June $40 calls at the open:

A rough day as well for IRBT as it sold off in lock-step with the MEME names. Still think it can trade on its own merits and will continue to hold my calls:

BIDU reported a great Q this morning but BIDU is doing what BIDU does best, reversing morning gains. I'll likely remain on the sidelines on this one.

Still eyeing more VKTX calls as well.

And here is what I am watching today: AI, IRBT, SE, BIDU, VKTX, TRUP, FVRR, DELL, ADBE, TERN, SPOT, ROKU, NFLX, IIPR, U, AI, BIIB, CGC, ACB, AVGO, MDB, LRCX, CRWD, AVAV,  POOL, URI, GWW, NOW, TZA, EW, SNOW, GPCR, PYPL, and V.

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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