Markets closed lower for the third straight session, with the S&P falling .52%. Asia stocks closed lower overnight while Europe indexes are in the red this morning, with losses accelerating after a surprise .50% rate hike from the UK. U.S. futures are pointing to a lower open, the Dollar and Yields are higher while Oil and Gold are lower.
It was another premium chop session yesterday, with stocks struggling most of the day and closing right near the lows after Powell's prepared marks before his testimony in front go the House Financial Services Committee pointed to more hikes this year. Today he testifies in front of the Senate Banking Committee... likely nothing material will come out of that today. The SPY closed right around that $435 handle. Hopefully some churn today and can close above that level which should setup for some green on Friday:
I added some GLD puts yesterday, this time adding July strikes to give some time. I think at some point, Gold will have a substantial pull-back over a few days as the bull-case for it starts to disappear... ie. inflation, the dollar, recession...ect. May look to add some DUST/JDST and/or GLL calls as well today as well:
SPOT gapped higher at the open yesterday and broke into the $160s after an upgrade. I went and added some spec calls for a possible move past $170. Sure enough, the stock reversed the morning gains just like Tuesday, to close slightly in the red. Still think SPOT is headed over $170 so may look to add some strikes into next week if the stock shows any strength today:
WING is really setting up here for a large move to the upside. That $197 level is the next key spot, once that breaks, $210+ comes and then all-time highs:
TERN received another positive analyst note this morning with Mizuho starting at a Buy with $16 PT. I have been waiting to add more strikes and today maybe the day I look to add some July calls to go with my October strikes:
EXAS reversed all the pre-market gains to close down over 4%. Such a divisive name. It is receiving quite a few price target upgrades this morning. May look at some calls for a bounce over $95 into next week:
Another rough session for FVRR as any name #AI related fell, including YEXT. Will be patient before adding more calls here and on YEXT:
Almost added some CMG calls in the morning yesterday, as the stock neared the $2100 handle. It found sellers into the afternoon and closed at $2074. If it finds some bids today and nears $2100, I may look at some spec calls into tomorrow and/or some strikes into next week for that eventual $150+ multi-day move:
And lastly, still have my eyes on ULTA for a possible gap fill in the coming weeks:
And this is what I am watching today: TERN, CMG, WING, ULTA, GLD, GLL, DUST, SPOT, BIDU, VKTX, FVRR, ISRG, ROKU, MDGL, DPZ, YEXT, SAM, AMD, LRCX, MU, NFLX, QQQ, ZYME, AXSM, SAGE, RARE, SRPT, BLK, EXAS, and W.
Let's have a great day!
-JB