Markets closed higher again on Wednesday, with the S&P adding .38%. Asia stocks closed mixed overnight while Europe markets are in the green this morning. U.S. futures are pointing to a higher open, the Dollar and Oil are lower while Yields and Gold are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-313/
And here is my rant from yesterday if you missed it: https://www.optionmillionaires.com/jbs-morning-rant-august-30th-2023/
It was another green day for stocks on Thursday, with the S&P making it 4 straight sessions of gains. This morning PCE data came out inline and weekly jobless claims came in a tad under expectations. Should help keep the market bid today. $453.41 is the upper Bollinger band in the SPY, so could provide some resistance. Tomorrow we get the August jobs numbers. Any inline number or weaker than expected number and markets could pad their gains - the S&P is already up 2.5% this week:
It was another strong day for ISRG with the stock closing up over 2%. I used the move to close more calls out at over 200% and over 600% and held the last few into today. That $321 area looks like key resistance - call me crazy, but think a move to $330 is possible before the week is out once that breaks. Will use the $320 handle as a possible stop. What a monster it has been:
BIDU spiked in the late morning after reports came out that their Ernie AIbot was approved by China regulators. China regulators and BIDU don't have the best history together so think this is a very good sign and bodes well for BIDU leading the AI charge in China. The stock soared on the news and I was able to close my calls out for over 600%. I also went and added some later dated strikes. Think BIDU is $160+ in the coming weeks but will likely be a bumpy ride:
ROKU is still setting up nicely here. Only a matter of time before this embarks on its next leg over $90. Will be looking to close some of my calls out to cover costs when I get the chance, and hold the rest:
Still eyeing some possible LULU puts into earnings but premiums remain high, making the risk/reward difficult. May just look to revisit tomorrow morning after earnings:
U has fallen over $10 after its announcement of its partnership with Apple and its Vision pro. Think there is an opportunity here for a bounce over $42.50 and beyond. May look to add some calls today:
I added some TLRY calls yesterday. A report out that the Department of Health and Human services was recommending to reclassify cannabis to a lower risk controlled substance bodes well for the sector. This is 50 years in the making and will likely accelerate adoption across the country. Once TLRY breaks $3.10 think that $5 handle is a foregone conclusion in the coming weeks., May look for some further out strikes as well:
And here is what I am watching today: U, TLRY, VKTX, WW, ROKU, LULU, ULTA, ISRG, GLD, GLL, AI, LRCX, NVDA, ALGN, CMG, QQQ, SPOT, TEAM, BLK, IBM, and NFLX.
Let's have a great day!
-JB