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META, AMZN Earnings, a Tech Breakout, Consumer Staples, Jobs, Top Stocks and My Morning Hit List!

by | Feb 2, 2024

The market was set to have a gap up Friday morning, likely to all-time highs on the heels of some strong big tech earnings… 

And then a better-than-expected jobs report took the wind out of those sails a bit. 

The economy added 353,000 jobs in January, which could potentially lower the chances of an interest rate cut at the next FOMC meeting in march. 

It’s going to be an interesting day of trading, and I’m looking to short the bond market (TLT) once it drops to or below its 200-day moving average. 

Meanwhile, the Consumer Staples sector (XLP) is starting to make a move higher. These are defensive stocks and typically when they go up, that spells a cooling off for more speculative stocks like tech. 

We’re also in the thick of earnings season, which is usually the last ride up before a downside move. 

And we have a big gap up in a couple of big tech stocks, namely Facebook parent Meta Platforms (META) and Amazon (AMZN) after the close Thursday. 

We must be very, very cautious right now!

I’ll cover all that and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

P.S. Have You Heard About the ‘Pricing Mismatch’ I’ve Discovered?

I’m exposing a “pricing mismatch” phenomenon within the options market today at noon Eastern. 

This anomaly has been quietly generating double-, sometimes even triple-digits from stock movements as slight as 1-2%.

It may sound counterintuitive, but for a stock to significantly impact its option prices, it doesn’t need to undergo a massive rally or dip.

Sound far-fetched?

I was met with some skepticism, too, even from my publisher — that was, of course, until I presented my compelling evidence.

So, before you make up your mind, hear me out…

Join me at the Dirt Cheap Options Summit happening today at noon. It’s an opportunity you won’t want to miss…

It Could Transform Your Approach to Trading  

WRITTEN BY<br>Roger Scott

Roger Scott

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