Futures are pointing to a green open to start the week, with the S&P set to open up. .37% as I write this. Asia markets mostly fell overnight, sans the Nikkei, while Europe indexes are in the green this morning. The US dollar, Yields, and Gold are lower while Oil is higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-390/
And here is my rant from Friday if you missed: https://www.optionmillionaires.com/jb-afternoon-rant-january-19th-2024/
Markets rallied again last week, with the S&P closing at all-time highs and in the green for 11 of the past 12 weeks. Nice historicals here:
https://x.com/RyanDetrick/status/1749097621346562081?s=20
This week earnings season heats up with NFLX, TSLA, IBM, and others set to report. Here are some of the implied moves:
https://x.com/OMillionaires/status/1749066405893300617?s=20
We also get the first read on 4Q GDP Thursday, along with PCE data on Friday. Should be a fun week. That $481.25 areas is the upper Bollinger band on the SPY, so will be watching that on any weakness. Otherwise new highs beget new highs so $490 or so on the SPY is not out of the question, especially if NFLX posts another beat and raise:
I added FVRR Feb calls on Friday after GS upgraded the stock. Think $30+ is in the cards. Will look to close some of the calls in to cover costs on the way up:
Maybe 6 times is a charm. VKTX tested the $22s for the 5th time on Friday only to give it back into the close to finish at $21.77. Still eyeing some more later dated calls but will wait for that $22 handle to stick:
ROKU is showing signs it is ready for that 15-20%+ multi-day move. NFLX earnings tomorrow could provide a boost. Will be looking to possibly re-enter some calls today for the move to $100+:
BIDU is gapping lower again after another rough China session overnight. Once China markets settle down, BIDU should be back over $110. Will be watching for more opportunities to play some calls:
MASI pinned right at $125 on Friday. The 200dma is $126.69, once that breaks $130+ should come quick:
Another 5% day for AGYS. They report after the close. Not going to chase but may look to add something after the open tomorrow:
And lastly, BURL has a tight bollie setup which typically precedes a large move. Think $205+ this week so may look at some spec calls:
And here is what I am watching today: BURL, AGYS, VKTX, FVRR, YOU, TRIP, STAA, W, YOU, ALT, 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