Stocks rallied on Thursday with the S&P adding .62%. Asia stocks finished higher overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a flat 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/morning-rant-4-9-26/
Stocks opened in the red on Thursday, tested lows at 10:45 am, and then someone hit a switch and stocks embarked on an over $7 reversal by lunch. There was no news or headline for the move and this was despite more carnage in the software sector. This morning CPI came in at 3.3% vs. 3.4% estimates. Wow. Would almost prefer inline or even a tad hotter. Gasoline rose the most on record. Futures spiked after the data. The SPY is above the upper bollinger band so would not be surprised to see more chop here today into the weekend:
APP opened in the green, rallied to $397, and then started to fall in sympathy with the software space. APP is not a pure software play, but for some reason gets pressured like it is when those names sell-off(like LMND). I used the move to close more of my puts out for over 200% and held a few overnight. The stock is flat this morning. Will likely just hold the last as a hero/zero trade after the open. Once the dust settles on this software sell-off APP is one of the names to watch for upside:
GLW. Ugg. The one that got away this week. Closed the last of the $165s on Monday for .30 they will open $10+ today. I traded those $190 calls from .24 they closed at 1.26 and will likely open over $2 today. Have to stick to the plan, so can't cry about the 'what could have been'. Not sure I will add anything today but will be watching:
I have been looking to add some later dated strikes on KODK. Like I typically do on an option strike with wide spreads and low liquidity, I put a limit order near the bid. I didn't think it would fill and sure enough it did. I post every trade I make, and try to add some color on positions that were not on the watchlist our out of the ordinary like I did yesterday:
I put that $KODK order in and didn't think it would fill. So take with a grain of salt. Those calls are pure spec that it catches MEME/MOMO fire . When I get a fill i post so sharing the entry
The stock was around 11.50 when I got filled, so $6 out of the money with 36 days till expiry. It would need a 69% move to be in the money. Call me crazy but I think KODK may have a chance.
KODK continued its post earnings rally, closing up another 7% yesterday and over the $12 handle for the first time since 2021. At some point it catches fire.. 13,14,15 quick:
LMND is back at $55 and below the levels when I traded the calls back in March for 1,000%. Not sure dejavu comes but do think there will be more opportunities to play it on the call side. They will report earnings first week or so of May. Will be eyeing some calls for a bounce... some for next week and possibly some May strikes to encompass earnings:
Course still eyeing RBLX and RDDT calls but add SHOP back in the mix after being sold off yesterday.... again.... indiscriminately IMHO. Should be back over $120 in the next few days:
And here is what I am watching today: SHOP, RDDT, RBLX, GLW, KODK, CRBP, ANET, AVGO, INTU, ADBE, APP, WING, LRCX , ASML,ORCL, U, TTD, GLW, AAOI, TSLA, ALMU, VKTX, RH, ROKU, RBLX, SEDG, KODK, NKLR, SEDG, AAOI, DUOL, GLW, ALGN, ISRG, LMND, CF, NTR, IPI. SERV, SHOP, ANET, HTFL, ROKU, POOL. V, MA, ZM, WING, SHOP, SQQQ, MRNA, DUST, FLWS, COCO, COIN, KODK, and SQQQ.
Let's have a great day!
-JB