Futures are pointing to a flat open to start the week. Asia stocks closed mostly lower overnight while Europe indexes are mixed this morning. The US dollar and Oil are lower while Yields and Gold are higher.
And here is the last rant if you missed: https://www.optionmillionaires.com/afternoon-update-4-2-2026/
Markets are set for a somewhat calm open today in spite of the continued barrage of potentially negative market headlines seemingly coming out every 30 minutes. At 1pm today Trump is set to hold a press conference to discuss Iran and the rescue of a pilot in Iran. Over the weekend Trump also issued another threat to blow up Power Plants and bridges if the Strait of Hormuz is not open by Tuesday. I thought after the evening address on Wednesday that its as almost a forgone conclusion that the events in Iran would escalate with US Troops on the ground. But the markets action on Thursday pretty much said otherwise. Stocks reversed the gap down and closed in the green, and that was despite Oil soaring over $111. Either the market is wrong or the market is already pricing in potential impacts.
It seems we are closer than ever to getting some resolution on the War in Iran. Hopefully the next few days bring a positive outcome. The longer this goes on, the higher oil goes. The higher inflation goes. And then the lower markets go.
On Friday the March jobs report came out much better than expected with 178k jobs added and the unemployment rate dropping to 4.3%. Don't think anyone had a strong report on their bingo card. This week we get the Fed minutes Wednesday and then PCE data on Thursday. That 200dma on the SPY has been strong resistance, with $653 being support:
And Yields:
Optics. Memory is still hot, with SNDK, MU, STX, and WDC still running. But optics names have started to take the baton led by LITE... and you can add AAOI recently. Those names have had some wild swings. Of course my favorite is GLW.
Still think $248+ for GLW this year. I added some spec calls on Thursday and by the afternoon I was able to close some out to cover costs. Will look to close some more and hold the rest for a potential move to all-time highs this week. Will use $142 or so as a stop. May also look for more strikes on strength. Later dated variety ones that are far out of the money:
ALMU is a small-cap optic name I have mentioned before. Could catch fire just as a sympathy name. May nibble some lotto/spec calls today for a move north of $15:
KODK. Ugg. Sold the $10 calls for 400% and then the stock goes bonkers Thursday and the calls close up over 1,000%. I hate to chase here, but at the same time, could see this go $11,$12,$15, $20... ect. Mentioned that on the rant a few times. They opened lotto strikes on the CBOE to $20. If it finds strength at the open I may look at some May strikes for a FOMO squeeze:
Only a matter of time here for CRBP as well. Big spot here today. May look to add some May strikes today:
CDLX looks primed for a citron tweet pump. It is coming, just a matter of when. Not that I think it needs to run. July calls look cheap for a spec play. May nibble some this morning if it shows strength:
And still have my eyes on TTD, U, RDDT and RBLX.
And if markets turn, ASML puts and/or SQQQ calls will be my hedge.
And here is what I am watching today: KODK, ALMU, AAOI, GLW, CDLX, CRBP, RBLX, U, RDDT, LRCX , ASML,ORCL, TTD, TSLA, ALMU, VKTX, RH, ROKU, SEDG, KODK, NKLR, DUOL, GLW, ALGN, ISRG, LMND, CF, NTR, IPI. SERV, SHOP, ANET, HTFL, POOL. V, MA, ZM, WING, SHOP, SQQQ, MRNA, DUST, FLWS, COCO, COIN, and SQQQ.
Let's have a great day!
-JB