Stocks fell to start the Holliday shortened trading week, with the S&P losing .47%. Asia markets closed mostly lower overnight while Europe indexes are mixed. U.S. futures are pointing to a flat open, the Dollar and Yields are higher while Oil and Gold are lower.
Markets finished lower for the second session in a row yesterday in an annoyingly premium chop session. Today we get Powell's testimony in front of the House Financial Services Committee and tomorrow in again in front of the Senate Banking Committee - typically all political posturing for folks to ask questions that make them look good or usually like an ass. In his prepared remarks this morning, he said he expects rates to be higher in the coming months:
https://www.federalreserve.gov/newsevents/testimony/powell20230621a.htm
Probably not what the market wants to hear, but I prefer that than some extremely dovish commentary. Outside of Powell, there is not much in the way of catalysts this week. Would expect a bit more chop this week. Would want to see that $430 handle hold if there is weakness. Think $440+ is possible next week:
EXAS is gapping higher this morning after some positive data on its new color guard test:
Always great to see positive results from something that will save lives down the line. EXAS was one of my top 5 stocks for 2023 and its up over 90% so far this year, and likely higher at the open this morning:
My top 5 stocks, as of yesterday, are up 17.32% on average year-to-date versus a 15% gain for the S&P. I will have a back-half of 2023 webinar and aiming to have out by July 1st. Stay tuned:
I finally added some WING calls, after watching the stock melt over $35 from its all-time highs in May after a monster earnings report. Have to think the company will continue to benefit from inflation waning and ingredient costs declining which will only increase their margins. Think $200 this week and $210 soon thereafter - and eventually all-time highs:
YEXT closed down over 3% yesterday, pretty much negating the bull-flag setup. Will need to find some buyers today/tomorrow or I fear that $11.50 handle maybe tested. Still love the story and think this is higher in the coming weeks so may add more calls if it tests that level:
Finally, a great session for TERN and VKTX. TERN closed up over 7% and neared that 50dma. A break over that $11.99 will bode well for multi-week highs:
VKTX closed right at the 50dma. Another green session today and should mark the start of another uptrend:
A frustrating session for BIDU. The stock gapped higher at the open on an upgrade, tested $151, before giving it back and then some to close down over 1%. Still like it for $160+ ion the coming days but will need to find some footing today:
FVRR had another red day, closing off over 4% and giving back almost all of its gains from last week. Still hopeful on that 50dma break but will need to hold its ground here today:
ULTA had some positive analyst commentary this morning. The stock is still $100 off its highs despite a strong beat and raise last quarter. Could see a gap fill here. May look to add some July strikes and/or some spec calls to play for a move to the upside:
SPOT was on the wstchlist yesterday, but thankfully I passed on adding some calls, as the stock gave back all its opening gains and then some. This morning it is receiving an upgrade:
Will be on watch again today for that eventual move over $170:
And lastly, some consolidation on ISRG after a 7 session rally. Once this shows some strength, may look to add some calls for a move to $350+:
And this is what I am watching today: ULTA, 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