Markets fell on Thursday, with the S&P losing .60%. Asia markets closed lower overnight while Europe stocks are mixed this morning. U.S. futures are pointing to another lower open, the Dollar and Oil are higher while Yields and Gold are lower.
And here is my rant from yesterday if you missed it: https://www.optionmillionaires.com/jbs-noon-rant-april-20th-2023/
Stocks fell yesterday, with weak housing data being blamed for some of the fall, along with some comments from Fed members. Futures are pointing to another lower open this morning. I would actually prefer a small gap to the downside then a gap up, as I think that will provide more opportunities to play some weekly calls. That $411 handle broke in the late afternoon but buyers came in quick to bid the SPY back into the $411s to close at $411.88. Think a close over $411 today bodes well for a move over $415 next week. Seems all it takes is one down day to bring out the bears to pat themselves on the back.The S&P is now down .14% on the week. Would be a victory here if stocks can find buyers and we can close over that .14% level today:
DXCM rallied yesterday morning, despite the market weakness. The stock struggled to find buyers after it broke $125 so I went and closed the last of my $120 weekly calls for nearly 400%. I did not want to lose the rest of my profits and it seems every time DXCM breaks above the upper Bollinger band, it snaps back very quickly. Will be watching for another opportunity to play some calls for a move over $130. They report earnings a week from yesterday:
VKTX ended its 9 session winning streak on Thursday, closing down 3.81%:
All good things come to an end... Despite wanting to see this rocket higher, consolidation is a good thing and bodes well for more highs down the line. If it dips more today, I will look to add those later dated strikes. The CBOE added $1 intervals today. Need them to add strikes above $35... send in an email if you can. VKTX will also report earnings next week on the 26th. Should provide more color/commentary on their pipelines... ect:
WW soared to $9.50 yesterday before succumbing to the market sell-off. Still think this is double-digits soon and may look for more strikes if there is any weakness today:
It was a rough session for CDLX, EDIT, and SSYS. Still like all thee for higher in the coming weeks.
INMD has been churning in the $37s since its gap and run after their raised guidance. Will close the last of my $35 calls today and may look to add some May strikes for a move into the $40s... they report May 2nd:
POOL reported weak earnings yesterday and lowered their guidance, citing weather. Stephens upgraded the stock this morning. Could be a nice lotto play and may look for some spec calls for a move into the $340s:
My SAGE calls expire today. Will be looking to add some later dated strikes. One of these morning BIIB will be buying the rest of their SAGE stake(in my humble opinion). Think it can run higher on its own merits as well. May look at some May $60 strikes:
Gold is trading lower again, like it has seemed to do every Friday for the past three weeks. Will be watching again for some possible spec puts today just like last week.
If the market finds any footing today, will be eyeing lotto calls on ALGN, SPOT, and CMG. If markets find pressure and the SPY can't hold $410, will be eyeing FAZ calls as a hedge.
And this is what I am watching today: POOL, GLD, SAGE, WW, SPOT, ALGN, SAM, CMG, EDIT, MASI, BLK, SITE, VKTX, SPOT, SMG, FAZ, EXAS, CMG, ULTA, YOU, SRS, BLK, SQ, SAGE, ICPT, U, TRIP, RBLX, SPOT, and AYX.
Let's have a Great Day!
-JB