Futures are pointing to a lower start to the holiday shortened trading week, with S&P futures pointing to a .36% lower open as I write this. Asia stocks closed lower overnight while Europe indexes are mixed this morning. The US dollar is higher while Yields, Oil, and Gold are all lower.
The S&P closed up 2.58% last week, making it 5 weeks of gains. The Nasdaq is now up for 8 straight weeks. There is not much in regards to market catalysts this week, with Fed Chair Powell's semi-annual testimony in front of the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. Hard to think there will be any major market moving comments from Powell, considering he just spoke last week, but certainly something to be aware of. There will likely be prepared remarks out Wednesday morning before the open. Probably some chop over the next few days with that $435 area being support. Some pause after the recent rally will bode well for more highs or at least the market standing pat:
ISRG tried to break into the $335 area on Friday but couldn't find any buyers above $333. I closed the last of my calls out near the end of the day to add to my profits. Will be on watch again this week as I think a move to $350+ is in the cards. This back-to-surgery/backlog theme seems to be in play now:
An annoying miss on SPOT Friday. Posted it on the watch list as a tight bollie setup and sure enough it gaps higher out of the gate. The $157.50 calls were .20 after the open but I passed. It waited until the end of the day to really take off, breaking into the $160s right near the close. Those $157.50 calls were over $3 so a 1500% gain:
This morning Bloomberg announced SPOT plans a premium tier. Could find some more buyers today. I may look to add some calls to play for a move to $170+ before weeks end:
A frustrating week for both VKTX and TERN who were down 13% and 8.9% respectively. Nothing has changed, just shorts/bears using the lack of near-term catalysts to continue to pressure the stocks. Would want to see that 50dma at $21.64 reclaimed on VKTX today or tomorrow. Will be looking to add some calls past August today:
FVRR closed off another 2% Friday but was up over 5% on the week. Once that 50dma breaks at $30.57 should be blue skies to $35+:
BIDU received an upgrade this morning from MS citing #AI and it is gapping a bit higher here in the pre-market. Still think this one is headed into the $160+ level in the coming week or two(and possibly higher):
CMG bollinger bands remain tight. One of these days it will see a $150+ move once the tug-of-war ends. Still eyeing for a potential entry in some calls for a move to $2150+:
And only a matter of time for WING as well. Have been watching for over 2 weeks not. I am sure the instant I take it off the wacthlist it will take off. All-time highs should come soon once the buyers return:
Bull-flag still intact on YEXT:
And lastly, DDD issued an update on their pursuit of SSYS:
The more banter between DDD and NNDM, the better it is for SSYS. Think $20+ soon:
And this is what I am watching today: SPOT, BIDU, VKTX, FVRR, CMG, WING, ISRG, ROKU, MDGL, DPZ, YEXT, SAM, AI, GLD, AMD, LRCX, MU, NFLX, GLL, TERN, QQQ, ZYME, SPOT, AXSM, SAGE, RARE, SRPT, BLK, EXAS, and W.
Let's have a great day!
-JB