Morning Watch List – May 13th, 2024

Futures are pointing to a green start to the week with S&P set to open .20% higher as I write this. Asia markets closed mostly up overnight while Europe indexes are in the red and off their morning highs. The US dollar, Yields, and Gold are lower while Oil is higher.

Here is my Rant from Friday if you missed: https://www.optionmillionaires.com/jb-afternoon-rant-may-10th-2024/

Stocks closed higher on Friday and the S&P made it 7 straight sessions of gains. Will today be 8? Inflation data will be front and center with PPI numbers out tomorrow morning followed by CPI data Wednesday morning. Weaker than expected data and would think all-time highs on the SPY come. Inline we chop, and hotter than expected we fall below $512.50 at minimum. Certainly not going to be overly aggressive heading into Wednesday. We also get retail sales data on Wednesday - though it will likely be overshadowed:

I did a rant on $ENVX this weekend, you can find it here:

Folks are coming at me on Fintwit, email, and via direct message on ENVX. I hope I am wrong about the red flags on ENVX. Either way, they came out with a press-release this morning:

https://ir.enovix.com/news-releases/news-release-details/enovix-begins-customer-sampling-ex-1m-batteries

There is absolutely no need for this release. It offers no new material news or updates. Now if they had offered up details then it would get my attention. Why not say how many samples? When are/were they shipped? To what countries? Again, red flags until they are not.

DELL rallied to nearly $135 on Friday before pulling back. I was able to close my calls out for some profits. DELL has its event next week in Vegas:

https://x.com/OMillionaires/status/1789980901784371657

And then earnings the week on the 30th. Still eyeing some strikes to encompass those dates. Think $140+ soon and then the $150s and possibly beyond after earnings:

I also added more FVRR calls on Friday. Think it has a date with its 200dma at minimum in the coming days. Once that $24.96 breaks, the $26 gap-fill comes next:

Still plenty of earnings this week. I got wrapped up in ENVX this weekend so did not have time to send out the implied moves. I will have them out later today. SE, BIDU, WMT, and others report. BIDU is back over $110 this morning, may look to nibble a few spec calls if that holds today:

SE also looks interesting. They report tomorrow morning so will likely hold off until then but do think $70+ on any decent earnings:

Another weekend come and gone with no M&A in GLP-1 space. Still eyeing more strikes on VKTX.

And lastly, TRUP closed up nearly 4% Friday after the huge insider buy. If it breaks $26.50 or so may look to add some June strikes:

And here is what I am watching today: 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.

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