Stocks closed nearly flat to start the week, with the S&P closing down .04% while the Nasdaq closed up .03%. Asia markets finished in the green overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a slightly higher open as I write this, the Dollar and Yields are lower while Oil and Gold are higher.
And here is my rant from yesterday if you missed : https://www.optionmillionaires.com/jb-afternoon-rant-april-8th-2024/
It was a boring, chop session on Monday, with the S&P trading in a .4% range. It was also the S&P's lowest volume session since the half session after Thanksgiving in 2023. I guess that can be construed somewhat bullish, considering the biggest CPI read in recent memory is coming tomorrow. Ironically enough, the Vix dropped more yesterday on the flat session than it did on Friday after the big rally - one would think the opposite would happen as folks brace themselves for vaoltilty:
Either way, we will find out tomorrow morning. Not going to make predictions about tomorrow's number, just hoping it will come in at least inline or cooler than expected. If not, that $512.50 area will come back into play on the SPY and all the bears who have been hibernating since Friday morning will come back out of their caves:
As outlined on yesterday's watchlist, I added some STZ calls. They report earnings Thursday morning. Will look to have some/all of my calls closed before then. Think $270+ is coming today or tomorrow:
It was a rough day for DELL, falling with the rest of the AI names like SMCI and NVDA. The story is till unchanged and the setup is still there for a move to $150+ in the coming weeks. Not going to add any more May strikes just yet:
RILY broke that $25 handle yesterday, a spot I have mentioned since I added calls as a breakout point. Sure enough, once that level broke the stock squeezed to $27.31 in the afternoon before closing at $26.37. I used the move to close some of my $30 calls for over 100% and went and added some $35 strikes. I keep saying this name is a Hero or Zero play. Of course I think the former but the latter is possible as well. My thoughts here if you missed on the rant last week:
15 minute mark on this rant last week if you want to know the squeeze case on RILY -> https://www.optionmillionaires.com/jb-afternoon-rant-april-2nd-2024/
I will likely close the last of my $30 calls today and just hold the $35s . New short interest data is due out later today and will be interesting to see if the shorts have dug themselves deeper into a hole they may not be able to get out of:
Another green session for IIPR yesterday. If it breaks $105 today, I will look to add some May strikes for the eventual move to $110+:
SE rallied to nearly $57 in the morning before pulling back into the afternoon to close at $55.98. Still like this for $60+ soon:
ISRG sold off yesterday morning on no news I could find although Stifel did raise its PT on the name to $430 from $420. After the close the stock was gapping higher and is also gapping higher this morning. Again, I can see no news. Still think $400+ here soon:
TLRY reported a mixed bag of earnings this morning that seems to have disappointed. The stock is trading lower in the pre-market and is pulling other cannabis names with it. Think CGC and ACB will shake it off and resume their rallies. Still eyeing more ACB calls as well:
AVAV is back on watch. It looks to have consolidated its post-earnings gains and looks primed for a move back over $160. May look to add some April and/or May strikes today:
Likely will keep things small today, today outside of taking profits on positions if the opportunity presents itself, ahead of the data tomorrow morning.
And here is what I am watching today: AVAV, ACB, CGC, IIPR, SE, CDLX, ISRG ,SPOT, AVGO, MDB, ISRG, EW, VKTX, TERN, SNOW,, NOW, LRCX, GPCR, NFLX, PYPL, RDDT, IWM, and ADBE.
Let's have a great day!
-JB