Markets closed mixed on Wednesday, with thew S&P and Nasdaq squeezing out gains while the Dow finished down .68% - UNH contributed most to that performance. Asia markets closed mixed overnight while Europe indexes are also mixed. U.S. futures are pointing to a lower open, the Dollar, Yields, and Oil are higher while Gold is lower.
And this is what UPB its reading this morning: https://www.optionmillionaires.com/morning-reads-276/
And my morning rant from yesterday if you missed it: https://www.optionmillionaires.com/jbs-mid-morning-rant-june-14th-2023/
Markets traded in the green up to the Fed meeting yesterday, then swung back in the red after the Fed kept rates unchanged but hinted that they are open to raising rates again this year. Not the dovish spin I wanted to hear but do think it bodes well for markets down the road as it shows the Fed is going to be patient. The S&P reversed losses into the close to finish in the green for the 5th straight session. Some consolidation is to be expected and markets are pointing to a red open today. Some churn today and tomorrow would bode well for that $440 test next week. And just a reminder, markets are closed Monday:
BIDU rallied another 3% yesterday and is gapping higher this morning after China cut rates for the first time in 10 months overnight. I added some later dated calls on BIDU yesterday afternoon. Will look to close the last of my weekly calls and hold those for the eventual move to $150+(and likely $160):
It was a rough session for FVRR yesterday, with the stock reversing an opening gap to trade lower all day and finish down over 4%. That 50dma at $30.77 looks like a brick wall. $28.51 was the low yesterday so would want to see that hold today. Nothing has changed with the story and think mid-$30s comes soon:
TERN traded up to multi-week highs yesterday before giving back the gains and then some to close off over 4%. Not much commentary to add on TERN or VKTX, just like FVRR, the stories have not changed. Would like to see TERN reclaim that 50dma at $11.99 today:
Think there is another opportunity to play Gold for some downside, with inflation coming down and the Fed still set on possibly raising rates. Tight bollinger bands usually precede an outsized move and the Gold chart has tight bollies. May look for some GLD puts today:
WING finally closed higher yesterday and could be the sign that the bottom is in. Will continue to watch today for a possible entry in some calls for a move to all-time highs:
ROKU ended its 13 session winning streak yesterday. Will need a big move today and tomorrow for the rest of my calls. If it can reverse morning lows, may look to add some strikes into July:
UNH reported a rough quarter yesterday but did speak of a large increase in surgeries, which bodes well for the Med-tech space. ISRG rallied on the news. Could be a nice lotto today into tomorrow so may look at some spec calls:
And here is what I am watching today: ISRG. WING, GLD, GLL, ROKU, BIDU, MDGL, CMG, DPZ, YEXT, SAM, AI, 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