Markets closed higher on Thursday, with the S&P adding .53%, albeit well off the highs of the session. Asia markets closed lower overnight while Europe indexes are mixed this morning. U.S. futures are pointing to a lower open as I write this, the Dollar, Yields, and Oil are higher while Gold is lower.
Stocks gapped higher yesterday then sold off into the afternoon but were able to hold onto some of the gains by the close. The S&P is still down 1.6% on the week and set for its 3rd straight weekly loss pending any crazy bounce today from the PCE data. The SPY came down and tested its 50dma before finding buyers to close above $400... glimmers of hope. Would want to see a close above that $400 handle again today but will be tough. The PCE number came in hotter than expected. One of these data points will be a 'buy the news' event. Hopefully some bidders come in after the open or a close under the 50dma is looming:
EXAS gapped higher at the open yesterday, rallying to $68. I used the move to lock in some weekly calls and next week strikes to cover costs. Sure enough EXAS sold off for the rest of the session. Still like the name and think a move into the $70s is coming. May look for some later dated calls today if the market finds any footing:
GNRC closed up another 2% yesterday. Think this is $130+ soon and will look to close some of my calls out to cover costs when I get the chance:
VKTX closed up 4% yesterday and looks poised to break into multi-year highs. Still holding my March strikes and may look to add some April strikes to play for the eventual move into the mid-teens:
EDIT gave back some of its gains from Wednesday. Still like the name for a move over $10 and beyond in the coming weeks:
OLED reported some strong earnings after the close. One of my favorite names over the years. I may look at some speculative calls today for a move into the mid-high $130s:
YOU received a positive analyst note this morning. YOU is a great growth story and the future of airport security and events(sporting, concerts, ect.). May look to add some calls for premium build into their earnings on March 1st:
Rough sessions for FVRR and DKNG. Still hopefully on but will need to reverse course soon.
And lastly, still eyeing MASI calls:
And this is what I am watching today: OLED, YOU, YEXT, DKNG, MASI, EXAS, U, SMG, TWLO, TRIP, RBLX, SPOT, NFLX, AYX. CMG, ROKU, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, ALGN, and GNRC.
Let's have a great day!
-JB