Markets closed mixed yesterday, with the S&P closing flat, in a choppy session. Asia markets finished higher overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a higher open as I write this, the Dollar and Oil are lower while Yields and Gold are higher.
And this is what UPB is reading this morning:
It was a choppy session for stocks on Tuesday, with the SPY testing $411s into the end of the day, before giving the gains all back to close flat. This morning the CPI data came in cooler than expected... 5.0% vs. 5.2% estimates.Certainly looks like inflation has topped if you look back:
This only adds fuel to the argument that the Fed can slow down on rate hikes and the prospect of actually cutting rates seems possible. Futures are soaring on the data. It is going to be a good day for calls it seems(thankfully). That $415 handle looks like the first spot of resistance today. If that breaks then the $420s are in play this week. $411s looks like support if somehow we reverse:
VKTX found some afternoon buyers and closed up over 4% yesterday and nearing the 52 week high. I used the move to close the last of my April calls for nearly 500%. If it breaks $18 today I may start looking at some June strikes, likely $25 calls, to add to my May strikes. Think it is only a matter of time before VKTX is in the $20s:
INMD raised their guidance this morning ahead of their earnings in May. The stock is gapping higher and above that $36 handle. I will likely look to close a few more calls out at the open and hold the rest for a possible move over $40 in the next week or two:
A solid session for SMG yesterday, as it held its 50dma and churned Monday's move. Think $80+ is coming and will look to close some of my calls out today to cover costs:
It was another frustrating session for ROKU, with the stock being pressured in the morning, only to recover the losses and close slightly in the red. If markets find footing on the CPI number, think ROKU can look to start its climb to $70+:
TRUP rallied for the 3rd day in a row, closing up over 4%. Need a big move in the coming days for my calls to come back to life. Sure looks like a gap fill is coming. If it can break thru that $47.50 handle, the $50s could come quick. May look to add some other strikes today to play for that move:
CI also had a decent session yesterday. Looks like $270+ is coming into UNH earnings on Friday:
POOL continued its post upgrade rally, closing above $340. Premiums are expensive, with earnings coming out a week from tomorrow. If it finds a bid today I may look to add some $400 calls for premium build into next week with the plan to lock some/all in before earnings:
SPOT laid an egg yesterday after its upgrade. Only a matter of time before it breaks out into the $140s and beyond. Still eyeing for a potential entry:
And here is what I am watching today: POOL, VKTX, SPOT, SMG, SITE, CI, BLK, ROKU, FAZ, MASI, EXAS, CMG, ULTA, NFLX, YOU, SRS, BLK, SQ, MDGL, SAGE, ICPT, DKNG, U, TWLO, TRIP, RBLX, SPOT, AYX, and GLD.
Let's have a GREAT DAY!