Markets closed pretty much flat on Wednesday, with the S&P ending the day down .02% and well off the lows of the session. Asia markets closed mixed overnight, with many markets closed for the Lunar Holiday, while Europe indexes are in the green. U.S. futures are pointing to a higher open as I write this, the Dollar, Yields, and Oil are higher while Gold is lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-186/
It looked like it was going to be a rough day for stocks on Wednesday, with the S&P falling over 1% by 10:30, before finding a bid for the rest of the session to close nearly flat. This morning GDP data and jobless claim numbers both came in better than expected... typically it would be a sell the positive data event but somehow markets are finding support. That golden cross is back in play on the SPY. A green session today and we should be set for a course to $410+ in the coming days pending any surprise catalyst from the Fed or earnings:
ICPT was rallying in spite of the market weakness yesterday morning so I went and added some March calls and closed my Feb strikes for 100%. ICPT is another name that was trading at pretty much cash value without considering at all its revenues and potential catalysts from the FDA this year. Think it can test the $20s into Feb. Will look to take some of the March calls off at 100% when I get the chance and ride the rest:
AI is gapping this morning and nearing that $15 handle. Really think this AI theme picks up steam and AI can retest its gap fill at $18. Will look to close my $15 calls today and hold my later dated strikes. May also look to add some more calls today:
AXSM is looking to test its 2023 highs. It was also strong in the face of market weakness yesterday morning. Still holding my calls and may look for some later dated strikes. Think this is one of the best small-cap biotech names and that it will be a large cap in the coming years:
Still eyeing FVRR. Did not want to catch a bottom. If it holds green today, will look for some calls to play for a move into the mid-$40s and beyond:
And still eye9ing VRTX calls as mentioned yesterday:
Lottos on watch: ROKU, SPOT, NFLX, TSLA.
And here is what I am watching today: VRTX, ICPT, AI, YEXT, FVRR, IBM, AXSM, SQ, ZYME, ICPT, SPOT, U, IBM, MASI, ROKU, NFLX, ALGN, EXAS, SPOT, GNRC, VKTX, UDMY, RARE, SAGE, and CMG.
Let's have a great day!