Markets closed in the green on Tuesday, albeit off the highs of the day, with the S&P adding .31%. Asia markets closed mixed overnight while Europe indexes are in the higher this morning. U.S. futures are pointing to a higher open this morning, the Dollar, Yields, and Oil are in the green while Gold is lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-207/
Stocks opened in the green yesterday, testing highs at 10:30am, only to give back most of the gains. The SPY couldn't hold the $400 handle and closed at $397.73. Hopefully today is the day. This morning TGT reported earnings that came in better than feared and the stock is higher in the pre-market. Seems this earnings season has been all about missed revenues and lower guidance. Despite that, names that have missed have rallied. Another sign that maybe the market is pricing in a better environment in 6-12 months. Still think that $420 handle on the SPY is coming soon and a good sign that 50dma held:
YOU rallied to $31.61 yesterday before giving all the gains back to close slightly in the red. They report tomorrow morning. Was looking to close some of my calls out to cover costs before tomorrow but looks like I won't get that opportunity. Will likely hold the calls as I think YOU will post a nice beat and raise:
OLED also rallied at the open yesterday, nearing the $140 handle before giving it all back to close down 1%. Still like the name here for a move into the mid-$140s in the coming week or two:
AI closed slightly in the red yesterday and continues to consolidate from its massive move... a good sign in my opinion. This AI theme rolls on with SNAP news yesterday and more BIDU news this morning. Think it is only a matter of time before AI is over $30, though earnings after the close Thursday could put a wrench in those plans. Will continue to hold my calls and look to possibly enter some more after they report Thursday:
The TWLO CEO bought over $10 million worth of stock on Feb 24th, a great sign. Think the stock can trade past $71 in the coming days so may look at some speculative calls to play for that move today:
CMG closed slightly in the green yesterday, closing right at the 200dma. Still eyeing some calls for the eventual $150-$200 bounce:
Targets earnings this morning should bode well for ULTA, who have hundreds of locations in Target(and plans for hundreds more). The stock has been consolidating as of late. May look to add some calls today to play for premium build into their earnings on March 9th:
MASI reports after the close today. Love the name and think it trades north of $200 soon. Premiums are expensive so may look to trade it tomorrow:
Will likely be less aggressive again today/tomorrow until I scale out of some positions, as I don't want to have too much risk on.
And this is what I am watching today: MASI, ULTA, CMG, 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