Markets rallied on Wednesday, with the S&P closing up 1.05% and at all time highs. Asia stocks closed lower overnight while Europe indexes are mostly in the red this morning. U.S. futures are pointing to a lower open, the Dollar, Yields, and Oil are higher while Gold is lower.
And here is the last rant if you missed: https://www.optionmillionaires.com/afternoon-rant-4-22-26/
Stocks gapped higher at the open yesterday and never looked back, melting higher into the afternoon and closing pretty much at the highs of the day. It was another all-time high close for the S&P and what was crazy about yesterday's session is the range - or lack thereof - the SPY traded in only a .32% range. Remarkable. After the close TSLA, NOW, IBM and others reported. TSLA had great results but it was all about the CAPEX... the increase in spending pushed the stock into the red. NOW was the one most were looking at after the SAAS Apocalypse. They posted a great Q but had some margin issues... it wasn't enough to alleviate concerns and the stock is off over 10% and weighing on other software names.
A little after 8pm last night futures tumbled for minute and then recouped most of the losses. It seems some headline around explosions in Iran caused sellers to come in and turns out it was nothing. Shows how sensitive the market is right now. I still think there will be some positive outcome to the Middle East situation but unfortunately looks like it will continue to be exhausting with all the headlines or at least the potential of one. Pending any crazy headline, would think $720 is the next target on the SPY with $708 being support:
TZOO! TZOO is up over 15% as I write this after earnings came in mostly above expectations,. They also said they repurchased 500k in shares. The conference call is at 11 so don't have guidance or much else but the market seems to like it. The stock tapped $10 in the pre-market. If it can break and hold, could be the start of a move to $15+. Will look to close some of my June calls out at the open. Not sure I will add anymore but will be watching:
NKLR took off... finally. No news or catalyst to speak of for the 15% move. OKLO rallied 15% as well but yesterday was the first time it actually had a correlated move with it. Could be the start of a FOMO move. Had my calls up on the ask for a double but no fill. Will try and take some off and ride the rest. If it shows big volume and cracks $8, I may look for some further out FOMO $15 calls.
SMCI closed up 3% yesterday but is gapping lower this morning. I don't see any news or catalysts. Probably a sign to put this one on my do not trade list going forward:
Still like HPQ and a 'ketchup' play though it closed down yesterday as well. Think more of it a function of its 7% rally the day before. Will be patient here:
In the afternoon reports were coming out that marijuana was finally set to be reclassified. IIPR is a name that should see a huge benefit. I went and added some May strikes. Think $60+ soon and will lock some in on the way up:
Don't be surprised if I add AAPL today. May go on a 'GOODBYE TIMMIE APPLE' rally.
Great day for GME. May look to take more off and roll out to higher/later strikes:
And of course still eyeing RBLX, RDDT and SHOP for lottos.
And here is what I am watching today: GME, TZOO, ISRG, ALMU, FUBO, FLWS, DUOL, NFLX, ROKU, SEDG, HIMS, BIDU, RBLX, SMCI, RDDT, KODK. NKLR, GLW, AAOI, LMND, SHOP, ANET, AVGO, INTU, ADBE, APP, WING, LRCX , ASML,ORCL, U, TTD, TSLA, ALMU, VKTX, RH, ROKU, KODK, ALGN, ISRG, LMND, CF, NTR, IPI, SERV, SHOP, ANET, HTFL, ROKU, POOL. V, MA, ZM, WING, SHOP, SQQQ, MRNA, DUST, FLWS, COCO, COIN, and SQQQ.
Let's have a great day!
-JB