Markets fell to start the week, with the S&P closing down .37%. Asia markets tumbled overnight with the Hang Seng down over 3% while Europe indexes are also in the red this morning. U.S. futures are pointing to a red open. the Dollar, Yields, and Gold are higher while Oil is lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-387/
It was another choppy session on Tuesday, with stocks failing to find any meaningful bids to close lower. This morning it is mostly about China with their GDP number coming in below expectations overnight pushing China stocks to lows not seen since Nov of 2022. This morning retail sales data for December came in above expectations. Just adding a bit more ammo for the Fed to keep rates higher for longer. The past week of chop is not a good thing for option premiums. Almost seems like there will need to be a pull at some point before the next leg - if so, would want to see that $467.50 handle hold on the SPY:
I have been waiting patiently to add more ROKU calls, and finally pulled the trigger on some spec calls yesterday. ROKU then reversed the morning gains to close down 1.4%. I know I sound like a broken record, but think it is only. matter of time before it embarks on a 3-5 session 15-20% rally(and likely more). May look to add more later strikes on strength today:
VKTX closed mostly flat after trying to break and hold the $22 handle in the morning. Once that holds, will be eyeing some later dated calls:
A rough session for ALT, reversing morning gains and selling off for the rest of the day to close down 10%. The daily chart still looks good but will need to hold that $10 handle:
MASI reversed morning lows to close up 1.5%. After the close they announced that the ex-CEO of DIS, Bob Chapek, will be joining the BoD. Great news and should help keep the stock bid today. Still like this one for over $130 in the coming days:
BURL received an upgrade this morning at Piper Sandler. The stock had a huge gap and run after earnings on November but has been consolidation the past few weeks. Maybe worth a spec call for a move to $210+ in. the coming days. Will be watching:
ZM couldn't find any bids yesterday, closing back under $70 and down 1.9%. It is day 3 for the golden-cross(where the 50dma crosses the 200dma). Still like it for the mid-$70s in the coming days bit will need to get going soon:
And lastly, still eyeing AGYS for some calls. They report earnings next week so will likely hold off until then:
And here is what I am watching today: BURL, YOU, ALT, VKTX, AGYS, SPOT, NFLX, TWLO, ISRG, MASI, GPCR, STAA, FVRR, ROKU, SPOT, BIIB, GILD, AMLX, RDFN, ALGN, Z, AI, TRUP, ULTA, RBLX, TGT, AVAV, EXAS, AAPL SQ, LRCX, LULU, LLY, and NVO.
Let's have a great day!
-JB