Markets fell again on Wednesday, with the S&P losing .70%. Asia markets closed in the green overnight while Europe stock are also higher this morning. U.S. futures are pointing to a green open, the Dollar, Yields, and Oil are lower while Gold is higher.
It was another tough day for stocks on Wednesday as the markets closed lower for the 6th time out of the past 7 sessions. Today we got the July CPI numbers, which came in a tad over expectations for the first time in over a year. It wasn't by much and likely a good thing as it will allow the Fed to hike rates one more time this year and alleviates concerns that the Fed may put the brakes on the rate hike cycle too soon. The SPY tried, and failed, to reclaim that $450 handle. Would like to see another attempt today or tomorrow with a close above that into the weekend. As I have been saying the past few days, don't have my bear suit on just yet, but I am open to adding some put hedges... likely if we break $445 today(which I think is unlikely):
WW rallied for the second day in a row, trying to break back into the double digits. I remain uber bullish the name and think $15 comes soon, and then a squeeze into the $20s and beyond:
Working on my DD piece and hope to have out this weekend. Still looking to add more strikes but will be patient. Want to see that $10 break and hold:
It was also a great day for VKTX. NVO news coupled with NVO and LLY earnings just show how big a market GLP-1 is and will be. Even if VKTX gets 2% of the market, it will be a $5+ billion company - and that is a low estimate. So at least a 3x bagger from here... and that is just for GLP-1. They will have data out in Q4 so I may look to add some 2024 strikes today:
Still love the TLRY story here as well despite closing down 5% yesterday. Think $3+ soon and then $3.50+ next week:
Rough sessions for FVRR, YOU, and OLED yesterday. Not going to add anything just yet but watching.
ULTA finally showed signs of life yesterday despite the market weakness. I will be eyeing some weekly strikes along with some later dated calls if the stock finds any support today. Think $455+ this week and then $470+ next week with earnings on tap at the end of the month:
And lastly, ALGN closed lower again yesterday. That is 9 sessions in a row to the downside. One of the days it finds some bids and rallies. Watching for a bounce today:
Not the environment to be overly aggressive on the call side so will continue to keep things small and be open to adding some puts on weakness, especially if that $444 handle falls on the SPY.
And this is what I am watching today: ULTA, ALGN, CELH, AXON,. AXSM, WW, TLRY, TZA, FAZ, VKTX, AXSM, WW,, CMG, SPOT, TEAM, ROKU, OSTK, SHW, BIDU, ISRG, ANET, SSYS, BLK, IBM, and NFLX.
Let's have a great day!
-JB