Markets closed mostly flat on Wednesday and well off the lows of the session, with the S&P ending the day down .01%. Asia markets closed mixed overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a lower open, the Dollar, Yields, and Oil are lower while Gold Is higher.
Here is my rant from yesterday if you missed it:
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-242/
Stocks gapped down at the open yesterday, hitting lows at 10am, only to melt higher for the rest of the session with the S&P almost ending the day in the green - It did not look at all like that would be the case in the morning. This morning it looks like DeJaVu, with futures pointing to a rough open as regional banks earnings concerns, Fed member comments, and TSLA earnings weighing(Musk mentioned 12 months of turbulence). The SPY looks like it will open near this weeks lows and right at that $411 support. If that breaks, things may get dicey today. Hope that is not the case and markets can find some bids in the morning just like yesterday:
After some consolidation on Tuesday, DXCM resumed its rally, closing up 4.36%. I used the move to close most of my calls out for nearly 100% and 200% and held the rest into today. It was a very strong move yesterday for DXCM, with nary a dip:
If the market finds any support today, could see $125+... Will likely close the last of my calls today and possibly revisit:
I added some WW calls... finally. Definitely a devisive name as GS thinks i'ts $13+ soon while others are bearish and think it's headed back under $5. My type of name to trade. I hate to chase here but think WW is headed over $10 in the coming weeks as the weight-loss drug hype garners more and more attention: I may look for further out strikes if it breaks back over $9 and holds today:
VKTX made it 9 straight sessions of gains... what a monster. $25+ is in the cards soon but have to think it will take a breather at some point. Still looking to lock some of my June strikes in. Once I do, I will look to add some further out strikes on a dip. I emailed the CBOE this morning to have them add strikes above $35... the more that email the better : firstname.lastname@example.org
CDLX broke out yesterday and above resistance, closing up over 6%. My April calls are now back in the black. Hopefully it can find footing even if the market is weak today. Looks like it is on a collision course with the 200dma at $8.37 in the coming days:
YEXT is starting to setup again, closing right near that $9 handle. Will need a huge move these next two days for the rest of my April strikes:
NNDM received approval from Israeli regulators to go ahead with a tender offer for $SSYS at $18. Would be shocked if it gets even close to going thru. Either way, still bullish the name and like that it held the 200dma at $15. If it can hold that think $16.50+ is coming soon:
CALX, one of my top 5 stocks for 2023, reported a strong beat and raise. It is rallying this morning, up over 10% in the pre-market. The stock is down 29.17% YTD. Think the report alleviated concerns and it heads back to $60+. May look to add some calls today:
ABT reported earnings that seemed like missed estimates as revenue and profits were down big on a YoY basis, but it is all due to the Covid tests, and their core business showed nice comps. The stock rallied over 7% after the report. I was looking at some possible calls but didn't want to chase. If it reverses the morning lows today, I may look to add some spec calls for a possible test of $115, and maybe some calls into next week for a move to $120+:
Certainly not gong to be overly aggressive today and may look at GLD puts and/or FAZ calls as a hedge if the SPY breaks under $410 as a hedge.
And this is what I am watching today: CALX, ABT, WW, SPOT, ALGN, SAM, CMG, IBM, EDIT, MASI, BLK, POOL, SITE, VKTX, SPOT, SMG, ROKU, FAZ, EXAS, CMG, ULTA, YOU, SRS, BLK, SQ, SAGE, ICPT, U, TRIP, RBLX, SPOT, AYX, and GLD.
Let's have a great day!