Markets closed higher for the 2nd session in a row on Tuesday, with the S&P adding .67% in a strong session. Asia markets closed mixed overnight while Europe indexes are in the green this morning. U.S. futures are rallying on strong CPI data, the Dollar and Yields are lower while Oil and Gold are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-284/
It was a strong session for stocks yesterday, outside the typical after-the-open pull that has been happening. The SPY found footing and closed solidly above that $440 handle. This morning, the much anticipated CPI data came in cooler than expected. Futures are rallying on the data. Tomorrow we get the PPI. Would hate to see the SPY stretched so far past the upper Bollinger band which is $445.05. So maybe some chop here today on the gap around $444-$445 and then look to test that $450 handle Friday or next week. Pretty remarkable where the market is considering how bleak things looked in October:
SSYS traded above $19 after the open yesterday and then chopped around for the rest of the session. I took more of my calls off for over 100%. Will be looking to add some later dated strikes today for the eventual move into the $20s:
Another great session for TRIP, closing up over 4%. The next area of resistance is that 200dma at $19.73. Think it is only a matter of time before it plays catch-up with the other travel names:
A boring session for EXAS, closing up .40% while trading in an extremely tight range. A good sign it held the previous days gains but would have liked to see more follow-thru. Hopefully get that today and can look for a $100+ move. Will look to lock the last of my calls in on any weakness, likely around $93:
Z soared over 9% yesterday and my calls are back to life. The backdrop for housing Is strong and think the market is only now starting to price in some more growth. Not adding anything more on Z just yet, but do think it trades into the $60s into August:
YOU, one of my old favorites, is set to report earnings sometime in the first week or two of August. The stock has been punished ion spite of great earnings last Q. May look to revisit this one after yesterdays rally:
TITN is another name I have traded back in the past(and one of my top 5 stocks a few years back in the teens). It received an upgrade this morning. May look to add some strikes for a move past $35:
FVRR setting up for that 50dma break. If that happens today, $30+ in the coming days. Will be eyeing calls:
And lastly, ROKU soared on SHOP news. Didn't want to chase. Will be eyeing today for some possible calls if it breaks and holds $77. Think $85+ next:
And this is what I and watching today: TITN, YOU, Z, FVRR, SSYS, ROKU, CALX, GLL. GLD, SPOT, ISRG, BJ, ALGN, ANET, IBM, CMG, ULTA, DPZ, YEXT, AMD, LRCX, MU, NFLX, QQQ, ZYME, AXSM, SAGE, RARE, SRPT, and BLK.
Let's have a great day!
-JB