Top 10 Stocks to Watch: November 2024

The market remains bullish. We will find out in the next few days if buyers or sellers will take control.

• S&P 500 E-Mini Futures are up 21.8% year-to-date.
• Price action has moved sideways in the last two weeks, suggesting selling pressure.
• Buyers could regain control and push for new all-time highs by the end of this week or early next week.

Price action remained bullish in the first two weeks of October, pushing to a near-term all-time high on Oct. 17 at $5,927.25. In the last two weeks, price action has moved sideways, indicating some selling pressure. Right now, sellers are finding buyers around the $5,800 level, and buyers are finding sellers around the $5,900 level. 

Overall, the market remains in a bullish stance. It’s likely that by the end of this week we will find out if sellers are able to take control and continue their selling pressure. If they do, look for them to target the $5,720 level. 

If sellers are not able to gain more ground this week, it’s likely buyers will regain control and push for new all-time highs by the end of this week or next. If that’s the case, it’s also possible buyers will take the market toward the $6,000 level sometime in November.  

The expected move in the Nov. 29 /ES contract is from about $5,677 to the downside and about $6,077 to the upside. But it’s likely price action will dance around the $6,000 level before making a push higher. 

A note on earnings trades 

To capture the bulk of the volatility, investors often execute trades either the day before or on the day of the earnings announcement. However, they can also place earnings trades days or weeks before an earnings event, which could lead to early profit-taking.  

Placing a trade shortly after an earnings announcement can be a strategic choice to circumvent the binary nature of the event. Evaluate each trade in a way that enables you to execute the position that matches your strategy.   

If you're considering a trade going into an earnings event, one approach is to initiate the position in the monthly options contract that follows the event. This strategy offers flexibility. Should you need to defend your position—perhaps because of unexpected market movements—you have the choice to “roll” it out to the subsequent monthly options. That enables you to extend its duration and potentially collect more premium, providing a buffer against market volatility.  

Top 10 stocks to watch in November 2024 

1. Palantir Technologies (PLTR) – Nov. 4, After the close 
2. Super Micro Computer (SMCI) – Nov. 6
3. Qualcomm (QCOM) – Nov. 6, After the close 
4. DraftKings (DKNG) – Nov. 7, After the close 
5. Block (formerly Square) (SQ) – Nov. 7, After the close 
6. Unity Software (U) – Nov. 7, After the close 
7. Shopify (SHOP) – Nov. 12, Before the open 
8. Disney (DIS) – Nov. 14, Before the open 
9. NVIDIA (NVDA) – Nov. 20, After the close 
10. Alibaba (BABA) – Nov. 21 

1.Palantir Technologies  

Palantir (PLTR) specializes in big data analytics, providing software to help organizations integrate, manage and secure data of any kind from any source. PLTR is up 165.9% year-to-date. Its IVR is 69.4, with October IVx at 87.4, November IVx at 66, and its liquidity is rated 4 out of 4 on the tastytrade platform. 

PLTR is a lower-priced stock so smaller-sized accounts could consider undefined risk positions. A one-standard deviation short-strangle sets up OK. 30-delta short strangles set up well if you want to play a directional assumption. 

2. Super Micro Computer

SMCI (SMCI) designs, develops, manufactures and sells energy-efficient, application-optimized server solutions based on modular and open architecture. SMCI is up 75.89% year-to-date. Its IVR is 55.3, with October IVx at 108.8, November IVx at 87.6, and its liquidity is rated 4 out of 4 on the tastytrade platform.  

SMCI is a lower-priced stock so smaller accounts could consider undefined risk positions. A one-standard deviation short-strangle sets up decently. 25-delta, five-dollar wide, short iron-condors also set up well. Directional spreads can be set up in either direction with your preference of risk. 

3. Qualcomm

Qualcomm (QCOM) designs, develops and supplies semiconductors and infrastructure software. QCOM is up 23.57% year-to-date. Its IVR is 84.4, with October IVx at 56, November IVx at 45.3, and its liquidity is rated 3 out of 4 on the tastytrade platform. 

QCOM is a higher-priced stock, so medium to large-sized accounts could consider undefined risk positions. A one-standard deviation short-strangle sets up well. 25-delta, five-dollar wide, short iron-condors also set up well. Directional spreads can be set up in either direction with your preference of risk. 

4. DraftKings 

DraftKings (DKNG) offers sports betting and gaming technology. DKNG is up 6.2% year-to-date. Its IVR is 71.9, with October IVx at 75.3, November IVx at 56.1, and its liquidity is rated 3 out of 4 on the tastytrade platform. 

DKNG is a lower-priced stock so smaller sized accounts could consider undefined risk positions. A 20-delta short-strangle sets up well. 30-delta, five-dollar wide, short iron-condors also set up well. Directional spreads can be set up in either direction with your preference of risk. 

5. Block (SQ) 

Block (SQ) operates a platform that enables sellers to accept card payments and provides financial and marketing services. SQ is down 3.03% year-to-date. Its IVR is 69, with October IVx at 74.4, November IVx at 57, and its liquidity is rated 3 out of 4 on the tastytrade platform. 

SQ is a medium-priced stock, so medium and large-sized accounts could consider undefined risk positions. A 20-delta short-strangle sets up well. 25-delta, five-dollar wide, short iron-condors also set up well. Directional spreads can be set up in either direction with your preference of risk. 

6. Unity Software

Unity (U) develops a leading platform for creating and operating interactive, real-time 3D content. U is down 48.17% year-to-date. Its current IVR is 45.9, with October IVx at 100.7, November IVx at 74, and its liquidity is rated 4 out of 4 on the tastytrade platform. 

U is a lower-priced stock so smaller-sized accounts could consider undefined risk positions. Look for an undefined risk short-put opportunity here if you have a bullish assumption. Otherwise, look for at-the-money directional spreads in either direction to express your directional assumption. 

7. Shopify

Shopify (SHOP) provides a cloud-based commerce platform for small and medium-sized businesses. SHOP is up 5.17% year-to-date. Its IVR is 63.4, with October IVx at 82.9, November IVx at 57.7, and its liquidity is rated 3 out of 4 on the tastytrade platform. 

SHOP is a medium-priced stock, so medium and large-sized accounts could consider undefined risk positions. A one-standard deviation short-strangle sets up well. Covert the short-strangle to an iron-condor if you’d like to define your risk. Directional spreads can be set up in either direction with your preference of risk. 

8. Disney 

Disney (DIS) operates as a diversified international family entertainment and media enterprise. DIS is up 6.69% year-to-date. Its IVR is 62.4, with October IVx at 48.2, November IVx at 36.4, and its liquidity is rated 4 out of 4 on the tastytrade platform. 

DIS is a medium-priced stock, so medium and large-sized accounts could consider undefined risk positions. Watch out for wider bid-ask spreads on some strikes. A 21-delta, short-strangle sets up well. 25-delta, five-dollar wide, short iron-condors also set up well. Directional spreads can be set up in either direction with your preference of risk. 

9. NVIDIA  

Nvidia (NVDA) designs graphics processing units (GPUs) and related technology for gaming and professional markets. NVDA is up 184.88% year-to-date. Its IVR is 44.2, with October IVx at 51.7, November IVx at 58.5, and its liquidity is rated 4 out of 4 on the tastytrade platform. 

NVDA is a higher-priced stock, so medium to large-sized accounts could consider undefined risk positions. A one-standard deviation short-strangle sets up well. 22-delta, five-dollar wide, short iron-condors also set up well. Directional spreads can be set up in either direction with your preference of risk. 

10. Alibaba

Alibaba (BABA), an online and mobile commerce company, operates in China and internationally. BABA is up 31.23% year-to-date. Its IVR is 54.8, with October IVx at 53, November IVx at 45.3, and its liquidity is rated 4 out of 4 on the tastytrade platform. 

BABA is a higher-priced stock, so medium to large-sized accounts could consider undefined risk positions. A one-standard deviation short-strangle sets up well. 23-delta, five-dollar wide, short iron-condors also set up well. Directional spreads can be set up in either direction with your preference of risk. 

Ryan Sullivan is an active options and forex trader and programming producer for the tastylive network.

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