Markets reversed morning losses to close in the green on Monday, with the S&P adding .12%. Asia markets fell overnight on poor economic data while Europe indexes are also lower this morning. U.S. futures are pointing to a red open while the Dollar, Yields, Oil, and Gold are all higher.
The S&P made it 5 straight sessions of gains, reversing morning losses to close at 15 Month highs. This morning weaker china data overnight is pressuring markets. Will be interesting to see if stocks can find a bid just like Monday. Today we get the Fed minutes at 2pm. Right now the market is giving an 86% probability of a .25% hike - that is up from 50% a month ago. Any surprise hawkish tones in the minutes could roil markets a bit this afternoon. Some consolidation here would bode well for more highs in the coming weeks. Would want to see that $440 handle hold on weakness:
A decent session for TRIP on Monday, as it tries to break out of a tight Bollinger Band setup. Continuation today and think $18+ comes this week:
Z also had a decent session Monday and looks primed to retake the 52 week high. My July strikes are slightly in the green and will wait until they are up near 100% before closing some out to cover costs:
FVRR closed up nearly 5% on Monday and is getting closer to that 50dma it has found resistance at since March. Will be a key spot if it shows more strength today:
A flat session for CALX, although it reversed morning losses. Premiums remain strong on the options with earnings coming on July 19th. Hopefully will get a chance to take some off before the report to cover costs:
WING has been alternating between green and red for the past few sessions. The chart still looks great for a move to all-time highs, but will need to get back over that $200 handle soon or sellers may push it back into the $180s:
Others I am watching:
ALGN for a move over $360:
ANET back on watch for a move back into the $170s:
And lastly, looks like BJ has bottomed out and ready for a possible gap fill to $69 or so:
And here is what I am watching today: BJ, ALGN, ANET, CALX, FVRR, IBM, CMG, Z, SPOT, ULTA, ISRG, ROKU, MDGL, DPZ, YEXT, AMD, LRCX, MU, NFLX, QQQ, ZYME, AXSM, SAGE, RARE, SRPT, BLK, and EXAS.
Let's have a great day!
-JB