Markets rallied to start the week, with the S&P adding .93% in a strong session. Asia markets closed higher overnight while Europe indexes are mixed this morning. U.S. futures are pointing to a green 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-275/
Markets opened in the green yesterday, chopped around into the afternoon, before finding a last hour surge to close at highs. The S&P closed at levels not seen since early 2022. This morning, CPI data came in a tad cooler than expectations, just adding more fuel to the argument that the Fed can pause rate hikes and possibly start cutting. Tomorrow we will find out, with a Fed statement at 2pm and Fed presser at 2:30 - Will be interesting to say the least. Surprised at yesterdays strength and break into the $430s on the SPY. The upper bollie on the SPY is $434.27 - will be a tough nut to crack. A dovish spin by the Fed tomorrow and no rate hike could be the catalyst for a break above that. We also get PPI numbers in the morning, so something to watch:
VKTX rallied to $25.57 in the morning, only to give it all back and then some to close at $23.75. Seems it has been struggling holding that $25 handle. Hopefully it can find a bid today/tomorrow and finally break and hold that spot. Once it does, the $30s should come quick:
TERN was able to hold green. That $11.97 area is the 50dma, so would want to see it continue to hold that and then think $15+ comes:
FVRR closed up nearly 5% yesterday and recouped the previous two sessions of losses. It is gapping up a bit in the pre-market. Once that $30.96 breaks the mid-$30s should come quick:
A bull-flag is setting up on YEXT. A break of $14.35 and another $2.50+ should come:
SSYS closed up for the 8th straight session. This morning NNDM confirmed their $18 per share buyout offer... meaningless in my humble opinion. DDD still has a buyout offer on the table for SYYS but the price has dropped under $20 due to stock price fluctuations. Either way, this consolidation talk only bodes well for SSYS. $20+ soon:
BIDU is gapping this morning as China looks to stimulate its economy. Need a big move in the next 4 days but do think BIDU will come and test/break $150. May look to add some more strikes today top play for that move, and possibly higher. Especially as the AI hype grows:
ROKU is now up for 11 straight sessions. Mid-$70s soon and then the eventual break over $80:
Finally some life on WING. A decent green session today and think the bottom is in at $190. Still looking to add some calls here for the eventual move to all-time highs:
And this is what I am watching today: BIDU, WING, SSYS, CMG, 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