Stocks closed lower on Friday, with the S&P falling over 1% as the January jobs number came in well above expectations, with the unemployment rate falling to half-decade lows. Asia markets closed mixed overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a lower open, while the Dollar, Yields, Oil, and Gold are all higher.
And this is what UPB us reading this morning: https://www.optionmillionaires.com/morning-reads-193/
The S&P closed last week up 1.64% despite the extremely strong jobs report on Friday that surprised everyone. If the Fed's goal is to cause unemployment to fight inflation. the January jobs report shows they still have a long way to go. Futures are pointing to a red open this morning. Leave it to Marketwatch to pretty much call anyone who is long the market off the recent bottom a sucker:
Hopefully a day or two of consolidation before the next let. Would not want to see the $400s breached or all bets are off:
It is another huge week for earnings with over 600 companies reporting while things on the market data side cool-off. Here are some of the implied moves:
Of all the name, AYX looks the most interesting to me, they report Thursday. Had some December and January calls and may look to add some March strikes for a move to $70+ on a decent report:
What a monster move for $AI. The stock closed up another 18% on Friday and looks poised to continue the run today. Of course in hindsight, I should have held all of my Feb $17.50 calls from .20 for a 50 bagger, but I did not think it would run this high so fast. The good thing is I have been scaling into and out of calls. On Friday I locked more calls in, added some March $35s and sold some for over 400%. One of these days the stock will sell-off just because. On the flip side, we have seen this time and time again, where a name gets hype and FOMO. Hopefully the case here:
Will be looking to close the last of my $25s today and hold my March $35s as long as it holds $25 or so.
YEXT is Next. I keep saying it. Maybe I am wrong, but YEXT is a great AI play that automates data on websites, chatbots, and many other things. Have to think this catches fire soon. Well actually it already has with some HUGE option volume on Friday:
Think YEXT trades north of $10 in the coming days and higher in the coming weeks:
I closed more of my PTON March calls for over 300% on Friday as the stock tested $18 at the noon hour only to pull back and close at lows by the end of the day. Still like the setup here for a move to $20 but will be quick to close the last of my calls on a break under $15:
Rough days for AXSM and VRTX, will need some bounces for my calls to come back to life.
ROKU, SQ, U, and CDLX all closed lower on Friday but thankfully I am riding free. Still like all 4, with ROKU earnings next week.
And here is what I am watching today: AYX, AI, YEXT, URBLX, ROKU, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, SPOT, U, MASI, ROKU, NFLX, ALGN, GNRC, VKTX, UDMY, RARE, SAGE, and CMG.
Let's have a great day!
-JB