Markets fell for a second session in a row on Thursday, with the S&P closing down .88%. Asia stocks closed mostly lower overnight while Europe indexes are falling this morning with the DAX off over `1% as I write this. U.S. futures are pointing to a lower open, the Dollar, Yields and Oil are higher while Gold is lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-197/
It was a rough day for stocks on Thursday. Markets gapped higher at the open only to see all the gains erased and then some. There was no true catalyst to speak of outside of rising Yields and despite weekly jobless claims coming in higher than expected. Can only imagine all the headlines and fear mongering this weekend if we close in the red again today. That $400 handle on the SPY needs to hold, if not, $380 looks likely in the next week or two. Still think $420 test is coming first but markets will need to find a bid today:
VKTX reversed opening lows and then embarked on a strong rally to close up over 11% and over the $10 handle. VKTX hasn't traded at this level since 2018. I used the move to close some of my calls out for nearly 100%. I may look to add some later dated strikes on strength today for a potential move to $15+ in the coming weeks(and maybe higher):
AYX reported a monster beat and raise after the close yesterday and the stock is soaring in the pre-market. The last of my Feb calls should be up at the open, but the stock had a 13.9% implied move, so they won't be up too much. Think a move to $70+ is in the cards in the coming days:
ICPT closed pretty much flat on the session yesterday. Still like this one for a move over $25 in the coming week or two:
It was a rough day for AI stocks on Thursday, with AI and VERI falling over 11% while YEXT fell 3%. If AI can hold $22 today I may look to add some calls into next week for a move back over $25:
I added more U calls yesterday on the heels of APP's great report and forecast which should only bode well for U's business. I was able to close some of the calls out to cover costs and will hold the rest for a possible move into the mid-40s next week. I may also look to add some March strikes to encompass earnings in two weeks:
Will be eyeing SPOT, CMG, ROKU, and NFLX for potential lotto plays today.
And here is what I am watching today: SPOT, NFLX, AYX. CMG, AI, YEXT, RBLX, ROKU, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, U, MASI, ROKU, NFLX, ALGN, GNRC, VKTX, UDMY, RARE, and SAGE.
Let's have a great day!
-JB