Markets rallied on Thursday, enjoying their best session since January, with the S&P adding nearly 2%. Asia markets closed mostly higher overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a lower open, the Dollar and Gold are lower while Yields and Oil are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-morning/
Stocks opened in the green yesterday and then preceded to melt higher for the rest of the session, reversing the previous two sessions of losses. The S&P is now up for the week... hard to believe after Wednesday's bloodbath. Earnings continue to come in better than expected, helping to keep a bid in the market. After the close yesterday. AMZN reported a beat with strong comps. The stock moved higher after the report only to give it back and then some after the company warned about cloud growth on the conference call. It is the last trading day of April and we have the Fed meeting and decision next week. Sure there will be plenty of 'Sell in May' chatter, like there always is, over the weekend. Nice snippet here:
A big victory for the SPY to hold the 50dma and close back over $410. A churn today should bode well for that $415 break next week:
It was another session where I stood pat on names I am holding while not adding anything. WING, RARE, VKTX, SAGE, CMG, and other churned for most of the session, killing premiums. All 4 will be on watch again today.
WW rallied over 6% yesterday. It's latest short update showed the short interest doubling:
They report earnings next week. Could be the catalyst that creates the short squeeze:
RARE keeps bumping up against the 200dma. Once that breaks think $45+ comes quick and then over $50. Will wait for that break before adding anything:
That SAGE bull-flag is still waving. One of these days it runs and doesn't look back. Earnings are Tuesday morning:
I was looking to add some WING calls but the stock was pressured in the morning, likely on DPZ's disappointing Q. Will be watching again for another opportunity to add calls ahead of their earnings next Weds morning:
LRCX rallied last week after posting strong earnings. It then gave back most of the gains until yesterday. Could be a nice lotto trade today for a move back over $530. may look at some lotto calls today:
Been a light week for me trade wise, but better to sit on hands then watch premiums go to zero. Hopefully some opportunities today into next week.
And this is what I am watching today: LRCX, WING, WW, RARE, SAGE, VKTX, CMG, SHW, ABBV, GLD, ALGN, SAM, EDIT, MASI, BLK, SITE, SMG, FAZ, EXAS, ULTA, YOU, SRS, BLK, SQ, SAGE, ICPT, U, TRIP, and AYX.
Let's have a great day!