Futures are pointing to a higher open this morning, with S&P futures up 2.9% after last weeks 1% loss that ended a two week winning streak. Asia markets closed mostly lower overnight while Europe indexes are in the green this morning. The US dollar and Yields are higher while Gold and Oil are lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-198/
It is a big week for markets, with plenty of data and earnings on tap. On Tuesday we get the January CPI numbers, on Wednesday it's January retail sales numbers, and PPI data on Thursday. Couple that with 516 companies set to report earning, and it should be an interesting week to say the least. Still think that $420 handle on the SPY is coming first, pending any surprise upside to the CPI Tuesday. The $405 area provided some support on Friday so would be watching for that to hold if there is any selling after the open:
It is another big week for earnings with 516 companies reporting. Here are the implied moves for some of them:
I added more ROKU calls on Friday to play for some premium build into earnings on Wednesday. Think NFLX, DIS, SPOT, and other content names point to a strength in the sector and ROKU will post a strong beat and raise. Will look to close some of the calls out to cover costs, when I get the chance, and ride the rest into earnings:
AYX gapped higher on Friday after a monster earnings report. I was able to close more calls at the open for over 400%. The stock then seemed to be under pressure for the rest of the day so I closed the last of my position for 200%. Will be watching for opportunities to add more calls in the coming days if it consolidates and holds $60:
I also added some SPOT calls, with ValueAct announcing an activist stake in the name. Think this trades north of $140 in the coming days:
TRIP reports earnings tomorrow after the close. Will likely hold my March strikes into the report. Any decent numbers and the stock trades north of $28 in the coming days and then above $30 in the coming weeks:
VKTX and ICPT are still showing strong support. Think VKTX is over $12 soon while ICPT could find its way over $25 in the coming days:
VKTX:
Rough last 3 days of the week for YEXT. More AI pieces over The weekend should help bid names like YEXT, VERI, and U today and this week. Think YEXT will be over that $8 handle in the next few days and finally get some FOMO:
And lastly, EXAS is back on watch here with a tight bollie setup:
That CPI number comes in hot tomorrow, things could get ugly, so certainly not gong to be aggressive at all day.
And here is what I am watching: EXAS, RBLX, SPOT, NFLX, AYX. CMG, AI, YEXT, ROKU, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, U, MASI, ALGN, and GNRC.
Let's have a great day!
-JB