Markets closed mixed to start the week, with the S&P adding .09% while the Nasdaq fell .29% in a somewhat boring session. Asia markets closed mostly lower overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a lower open, the Dollar is higher while Yields, Oil, and Gold are all lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-245/
Stocks chopped around yesterday in a premium killing session, with the SPY breaking under $411 in the morning before melting higher to close at $412.63. This morning futures are pointing to an open at or below yesterdays lows. Would want to see that $410 handle hold again today or things may start to get dicey. After the close today we get MSFT and GOOGL earnings, among many others. Expectations are low so any decent numbers and guidance and could help push markets higher tomorrow. For the first time in a while, I did not make any trades yesterday. Hopefully markets can find some footing today and I can make some decent entries:
VKTX received a PT upgrade this morning from Oppenheimer who took their PT to $35 from $30:
VKTX will report earnings after the close tomorrow. Never understood why an analyst would change their rating or PT into a binary event, but of course like that they took the PT higher. Will likely have to wait for their NASH data but an update on their metabolic drug and their cash position could help keep the stock well bid. Still looking to close some of my June calls to cover costs and may look to add some later dated/higher strikes as well:
SAGE is setting up here for a move above $50 in the coming days. Will look to lock some of my calls in to cover costs and ride the rest:
AXSM reversed morning lows to close in the green again. $80+ comes soon here:
It was another rough session for WW. Enthusiasm seems to have faded as shorts likely are taking control. WW will report earnings May 4th. Could be a catalyst for that move into the teens:
ILMN reports earnings after the close. The stock has been churning between $175 and $225 since last May. One of these earnings will break it out of the consolidation. Will look at some spec calls today as a high risk/reward trade. Any decent numbers and guidance and the stock could see $250+ quick:
SPOT reported a great Q this morning, showing huge YOY growth, although headlines would make one think the numbers were horrible. SPOT has a history of some large post-earnings moves. May look at some spec calls at the open, if I can find a decent risk/reward strike, for a move to $150+:
And here is what I am watching today : SPOT, VKTX, SAGE, ILMN, SHW, ABBV, ABT, GLD, ALGN, SAM, CMG, EDIT, MASI, BLK, SITE, SMG, FAZ, EXAS, ULTA, YOU, SRS, BLK, SQ, SAGE, ICPT, U, TRIP, and AYX.
Let's have a great day!