Markets closed higher for the 4th week in a row, with the S&P adding .46% last week. Asia markets closed in the green overnight while Europe stocks are rallying this morning, U.S. futures are pointing to a higher open, the Dollar, Yields, and Oil are lower while Gold is higher,
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-274/
The great bull-market of 2023... joking aside, the S&P is now in bull-market territory. Really does not mean much now, unless you have been a bear since October of last year. It is a huge week for markets - data and catalyst wise - with inflation numbers, retail sales, and the Fed. If inflation continues its decline, retail sales are inline, and the Fed pauses rates, think $435 is now possible on the SPY in the coming week or two. Any upside surprises on inflation data, or a rate hike from the Fed, and that $420 level will need to hold:
I locked the last of my ROKU calls out on Friday for nearly 1700% and added some strikes into this week. Think a move to $76+ is coming soon with a possible break of $80 after that:
TERN and VKTX both had a rough Friday. Only a matter of time before VKTX is $30+ and $TERN is $15+. I updated the call open interest and short data this weekend:
The longer these both trend up, the higher the odds of covering and short squeezes. :
And TERN:
I am back in SSYS with some July calls. The 3-D space is finally in consolidation mode with SSYS likely being the biggest benefactor. Think it trades north of $20 into July and may look for some more strikes today:
Still eyeing some calls on WING. It broke under $190 on Friday and its run after its monster earnings has been erased and then some. Once it finds a bottom, it will embark on a rally to new all-time highs... will continue to wait patiently for an entry:
YEXT still looks great for upside despite the pullback on Friday. Think $15+ soon:
And lastly, FVRR close mostly flat on Friday, think $30+ this week:
And this is what I am watching today: WING, SSYS, CMG, WING, DPZ, ROKU, YEXT, SAM, AI, BIDU, GLD, AMD, LRCX, MU, NFLX, GLL, TERN, QQQ, ZYME, SPOT, AXSM, SAGE, RARE, SRPT, BLK, EXAS, W, SHW, ABBV, and ALGN.
Let's have a great day!
-JB