Lucky 7. Stocks traded higher for the 7th week in a row with the S&P adding .13% - although they made it interesting on Friday with an over 1% sell-off and a volatile end of day. Asia stocks closed in the red overnight while Europe indexes are mostly lower this morning. U.S. futures are pointing to a lower open, the Dollar and Gold are lower while Yields and Oil are higher.
And here is the last rant if you missed: https://www.optionmillionaires.com/afternoon-update-5-15-16/
Markets tumbled on Friday, erasing most of the weekly gains, with the S&P losing over 1.2%. By late afternoon, it almost looked like the market may erase the entire gains for the week. There was no major news or catalyst to speak of besides Yields soaring. That continues to be what worries me, and the bigger fear is markets will likely start pulling well before Yields get to the tipping point. Either way, rants for other days.
This week data slows down with nothing much besides some old consumer confidence reads mid-week so earnings is back in the limelight with retail names like WTM and TGT reporting along with NVDA. Of course all this will be amidst the geopolitical backdrop of Iran. Supposedly Tuesday will be the day where the US may decide to resume military strikes. Hopefully does not come to that.
Looks like $731 is a key area of support on the SPY. If somehow, someway buyers take control, the upper-bollinger band is now at $750:
And those yields, wow:
What an insane week. ENPH calls paid over 2,500% on the last of my $46 strikers. SEDG calls over 1,100%. GLW and MRNA paid to start the week as well. Hopefully another monster week in store.
I still see no concrete catalyst for SEDG and ENPH 50% moves last week. Both stocks were weak on Thursday and Friday at the open before taking off. The first 20-30 minutes will be key again today. If both SEDG and ENPH find footing I may look for later strikes, they added strikes up to $95 on SEDG this morning. If SEDG and ENPH can't find footing, will just look to close the last of the calls out and revisit. What monsters... finally:
Kicking myself for closing out CELH calls on friday. Just didn't want to see them get to the point where I can't salvage... and you can always get back in. I'll be watching again today for a possible re-entry. Sure looks like $35+ can come quick:
Later in the day I added RBLX spec calls. At some point all the negativity is priced in the stock and it takes off. Not sure if it is this week, next week, or next month but once it goes the calls will go bonkers. If it is this week, I will be adding later dated calls on strength:
NOW is gapping higher again in the pre-market. One of these morning gaps won't be met with sellers. Thurs and Friday it held gains. It it does the same today have to think $110+ is coming. May look at some spec calls at the open:
TGT reports Weds morning. New CEO could mean some optimism if there is even a hint of a turnaround. I may look at some spec calls today for premium build into the report so I don't have to hold an entire position into earnings. I could see this trade $140+ on a beat and raise:
Call me crazy, but DUOL looks coiled. Lottos are expensive. It it starts moving and breaks $114 after the open, may look at $130 or so lottos:
Of course watching my normal names like RDDT and GLW:
And here is what I am watching today; DUOL, TGT, WMT, GLW, HTFL, GLW, MRNA, ALMU, JOBY, RDDT, ROKU, AAP, ENPH, SEDG, AXSM, COCO, ATOM, RBLX, ALGN, META, AMZN, CRBP, HIMS, NFLX, BIDU, SMCI. NKLR, AAOI, LMND, AVGO, INTU, ADBE, APP, WING, LRCX , ASML,ORCL, U, TTD, and TSLA.
Let's have a great day!
-JB