Markets fell on Wednesday, with the S&P falling .63%, despite the debt ceiling headwind being removed - comical how that works. Asia markets closed mixed overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a flat open while the Dollar, Yields, Oil, and Gold are all higher.
It was a somewhat boring session on Wednesday, with stocks giving back more of last weeks gains, all despite a resolution to the debt ceiling. The next big data piece will be tomorrows May jobs report. Inline or worse than expected numbers should bode well for market upside. The SPY was over Tuesday's $418.73 low at the 3pm hour only to find some late sellers. Would want to see that recouped today and then $420+ tomorrow:
I have been in and out YEXT the last few months as an under-the-radar plays on AI. I added some calls again yesterday - the company reports earnings next week. Third time should be a charm on that $10 handle and think the mid-teens come next:
TGT is having its worst few trading weeks in decades, closing lower over the last 9 sessions, as folks are looking to boycott the company on their political views:
BUD is also under pressure for the same reasons:
As I mentioned the last two days, think SAM can only benefit from BUD's struggles. Still looking to add more calls and will continue to hold the $350 strikes:
I added some NNOX calls. The name is very divisive with folks like Muddy Waters calling it a complete fraud. It is another play on AI, and a rare one, in the med-tech space, with a focus on trying to use AI for better MRI results and early-detection of issues. I was able to close some of my calls to cover some costs and will hold the rest. Think this trades north of $20 soon:
ROKU finally held up on a weak market session... a rarity these days. Hopefully a good sign. That 50 and 200dma breaks and mid-$60s come quick:
TERN had a disappointing session despite positive analyst commentary. Hopefully it finds some follow-thru today:
A flat session for FVRR. Still looking to add some later strikes on this one:
And still waiting for some reversal signs on DPZ and WING... getting close:
And this is what I am watching today: WING, SAM, DPZ, OLED, 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