Markets squeezed out a gain on Thursday, with the S&P adding .03%. Asia markets closed lower overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a flat open, the Dollar and Yields are lower while Oil and Gold are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-300/
It was another annoying session for stocks on Thursday, with markets rallying at the open, only to give all the gains back into the close. It almost felt like an ice cube melting away in the hot sun. The SPY was solidly over that $450 handle in the morning but then closed perilously near the 50dma which is now at $441.77. Each day that passes, it seems harder to make a short-term bull case for stocks. If that $444 fails to hold today, think that 50dma will come quick, an area we have not closed below since March. On the flip side, maybe markets find some footing on the PPI data and we can get back in the $450s where I think we could chop around until September:
Another solid session for VKTX yesterday, closing up 2% and breaking over the $15 handle before closing at $14.88. Still eyeing some later dated strikes - likely Nov and Jan:
WW broke over $10 yesterday. before pulling back to close at $9.85. Still eyeing some later dated strikes as well and will have my DD piece out this weekend. Think it will bode well if it can close above that $10 handle today:
I finally added ULTA calls, as the stock broke over $450 at the open. Sure enough it hits highs after my entry only to give back most of the gains and close back under $450. Still optimistic on a rally in the coming days. They also announced yesterday that their earnings will be on August 24th. Will look for some calls to encompass that date today:
OLED closed higher yesterday, despite weakness in the chip space - NVDA is down over 5% on the week. Another green session today and one can make the case of a potential bull-flag breakout. Still think $170+ soon and likely above $180 in the coming week or two:
TLRY closed lower again on Thursday, and has given back most of its Tuesday gains. It is till up over 13% on the week and still love the story. Will wait to add more calls, but do think $5 comes soon:
ALGNs free-fall continues despite a monster earnings report. yesterday ,made it 10 straight sessions of losses. Once of these days it will find some buyers and bounce $20+ in a short period of time. Still eyeing some calls:
If the SPY fails to hold $444 I will start looking for some hedge positions, as I have been mentioning on this week's watchlists. TZA, FZA calls and possibly some QQQ puts.
And this is what I am watching today: TZA, FAZ, QQQ, 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