It was a strong start to the week for markets, with the S&P closing up 1.03% on Monday. Asia stocks closed mixed overnight while Europe indexes are in the green this morning. U.S. futures are pointing to another higher open, the Dollar is in the green while Oil, Yields, and Gold are all lower.

And here is my morning rant from yesterday if you missed it: https://www.optionmillionaires.com/jb-pre-market-rant-may-6th-2024/

The S&P rallied again on Monday, making it three-sessions of green after a Dovish tone by Powell last Wednesday coupled with the weaker than expected April Jobs report on Friday. We are now back to being a stone throws away from an all-time highs and the S&P has solidly recaptured its 50dma. Pending any surprises in the coming days, hard to think the SPY won;t be in the $520s soon. That $512.50 area continues to be strong support/resistance and would want to see that hold on any weakness today:

And more good signs with the amount of stocks in the S&P over their 50dma now over 50%:

And lastly, small-caps have been outperforming over the past 2 weeks. If that continues, could provide the next leg for markets:

ADBE gapped higher at the open yesterday, testing $495.44 before closing at $493.59 up 1.5%. I used the move to lock some of my calls in for over 100%. May look to add some strikes into next week if it breaks $500 today. Think $510+ comes in the coming days:

Another strong session for TERN, closing up 6% and right at its 200dma. Still eyeing some back half calls, likely Octobers, but will wait for $6 to break:

Another strong session for AI as well, rallying another 3%. I was looking to add some June strikes but the stock failed to break into the $25s. If it does today, will look to add some more calls:

CDLX finished up another 2% yesterday and will report earnings after the close tomorrow. Hopefully get the chance to lock some of my May calls in to cover costs today and/or tomorrow before they report otherwise will just hold into the event:

IIPR closed off over 1% yesterday. Still think $120+ soon. Like CDLX, they report tomorrow after the close:

DELL looks poised to finally break that $130 handle. If it does, may look at some June strikes:

Was eyeing WYNN and TWLO for calls into earnings today. Will likely pass on both and revisit tomorrow though a beat by TWLO should put the stock into the high-$70s:

And lastly, still watching BIDU for a possible entry. It is gaping lower in the pre-market. Would want to see that $110 handle hold first:

And here is what I am watching today: TERN, DELL, ROKU, BIDU, ADBE, TWLO, WYNN, U, AI, ROKU, BIIB, IIPR, CDLX, VKTX, CGC, ACB, AVGO, MDB, LRCX, CRWD, AVAV,  POOL, URI, GWW, SE, MDB, NOW, TZA, SPOT, EW, SNOW, GPCR, PYPL, and V.

Let's have a great day!

-JB