Futures are pointing to a flat open this morning, after the S&P lost .66% last week. Asia shares closed mostly higher overnight although most markets are closed for the lunar holiday. Europe indexes are in the green this morning while the US dollar, Yields, Oil, and Gold are all higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-183/
Markets were able to find a bid on Friday, with the S&P closing up 1.89%, to reverse most of the losses for the week. This morning, futures are mostly flat. We get PCE data on Thursday and the first read on 4Q GDP on Friday. Earnings season also starts to heat up with names like $MSFT, $TSLA, $IBM, $JNJ, $V, $ISRG, and $MA set to report. Here are some of the implied moves:
Still think markets will find bidders and the SPY will break back into the $400s pending any crazy surprise with the PCE data Friday. There is also a potential golden-cross coming on the SPY(when the 50dma breaks above the 200dma). Something to watch over the next few days:
AXSM recouped Thursday's losses to close up 4%. Still think this is headed to the $80s and will continue to look for more strikes to play for that move:
RBLX had a strong session on Friday. May look to add some more later dated calls, likely March, to play for a move into the $40s and beyond in the coming weeks:
SQ had a strong session on Friday and my Feb strikes are back in the black. It closed solidly above its 200dma on Friday and think this one is headed into the $80s(then $90+) in the coming weeks. Will look to close some of my calls to cover costs at 100% when I get the chance and may look at March strikes. They report earnings Feb 23rd:
SPOT is the latest company to announce job cuts this morning. Sure enough the stock is trading up over 7% on the news - the irony being my lotto calls on Friday expired. They report earnings next week. Think there is an opportunity here to play calls for some premium build into next week. May look at some strikes today:
Still working on my Bio Webinar, should have out in the next day or two.
Here is what I am watching today: ISRG, SPOT, U, IBM, MASI, ROKU, NFLX, ALGN, AXSM, EXAS, ZYME, SPOT, GNRC, VKTX, UDMY, RARE, SAGE, and CMG.
Let's have a great day!
-JB