Markets closed lower for the third week in a row last week, with the S&P losing over 2%. Asia markets closed lower overnight while Europe indexes are rallying this morning. U.S. futures are pointing to a higher open, the Dollar is lower while Yields, Oil, and Gold are higher.
The markets performance in August is set to be the worst Monthly loss since December. Makes sense a bit with market on a 5 month winning streak and market catalysts winding down. This week will be another light week for market moving events outside of NVDA earnings Wednesday and Powell's speech at Jackson Hole Friday. Stocks were finally able to find a bit of support on Friday and are gapping higher today. Another green session today and think the SPY can start to work its way past $440 with the $436 handle(lower bollionger band) as support. Will continue to hold my FAZ hedges:
I sat on my hands Friday as stocks chopped around in a premium crushing session:
WW closed up another 2% on Friday. Think it is only a matter of time before that $12 handle is tested and breached:
GOLD put an end to its 9 session losing streak, closing up .07%. Still think the backdrop is bearish for Gold and a move under $1900 is coming soon. I added GLD puts last week and still holding some DUST Sept $16 calls from June that are back from the dead:
A lackluster session for VKTX. Still looking to add some later dated strikes for a move back over $20 in the coming months:
ULTA reports earnings Thursday. Think the company will post another beat and raise but who knows how the market will react. Still looking to add some strikes for premium build into the report:
NVDA reports earnings after the close Wednesday and will likely have a major impact on other #AI related names. Their last Q was a huge beat and raise. They will need the same to at least head higher. Any inline Q or miss and the stock will trade south of $400. Likely not going to trade it but will provide direction for markets come Thursday morning:
BIDU reports earnings tomorrow AM. The stock has been pummeled since the start of August on China economy jitters. Think there may be an opportunity for the stock to surprise or at least post inline results. May look at some lotto calls today for a move back over $130 or look to trade post report tomorrow:
And here is what I am watching today: BIDU, ULTA, BIDU, VKTX, GLD, DUST, GLL, WW, ROKU, ALGN, CMG, QQQ, SPOT, TEAM, ISRG, BLK, IBM, and NFLX.
Let's have a great day!
-JB