Markets closed lower last week, with the S&P dropping 1.07%. Asia markets closed mostly higher overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a lower open, the Dollar is higher while Oil, Yields, and Gold are all lower.
After last weeks lackluster sessions, we finally get some market moving catalysts with CPI, PPI, and the Q2 earnings season kicking off. Friday's jobs report has set off a slew of bearish articles this weekend, with most saying a recession is coming. This Q2 earnings season is expected to be the worst since Covid... maybe it will be, but if not, can provide a backdrop for the market to at least hold its ground or rally. I was very cautious last week, just holding onto to existing positions and watching the chop. Hoping we can get some direction and the SPY can head back into the $440s by mid-week. Will likely bit a little more aggressive this week on a move over $440:
I am working on my top 5 stocks for the back-half of 2023 Webinar. If there is a sector I think outperforms, think it is the biotech space. Hopefully have the webinar out before the weekend.
TRIP reversed Thursdays losses to close up over 3% Friday. As I have been mentioning, the stock has severely underperformed its peers this year. Think $18+ soon and $20+ in the coming weeks:
Not much commentary to add on CALX. The stock also revered Thursdays losses to closed up nearly 3% on Friday. Premiums remain strong on the calls into earnings on the 19th. Will look to close some out at 100% to cover costs when I get the chance, and likely hold the rest into earnings:
FVRR continues to struggle and may need a catalyst. Earnings will be sometime in August so may look to add some later dated strikes this week if it can hold $25:
ISRG had its price target raised at Citi this morning to $400 from $317. Could be the kick it needs to break into all-time highs. May look to add some spec calls this week for a move to $345 or so:
Citi also came out with a positive note on EXAS this morning. They report earnings Aug 1st, may look to add some strikes for a move north of $100 in the next week or two:
Really like the SPOT setup into its earnings in 2 weeks. Think any decent report and the stock trades up near $200. Will be looking for some calls this week:
And lastly, GOLD has been chopping around in the $1910-$1930 area for two weeks. Eventually this chop resolves - of course I think to the downside. If Gold breaks $1910 today or tomorrow will be looking at some later dated GLL calls:
And this is what I am watching today; GLL. GLD, SPOT, ISRG, FVRR, BJ, ALGN, ANET, CALX, FVRR, IBM, CMG, Z, ULTA, ROKU, DPZ, YEXT, AMD, LRCX, MU, NFLX, QQQ, ZYME, AXSM, SAGE, RARE, SRPT, and BLK.
Let's have a GREAT DAY!
-JB