Stocks closed higher on Thursday, with the S&P adding .37%. Asia markets fell overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a lower open, the Dollar and Gold are higher while Oil and Gold are lower.
And here is my rant from yesterday if you missed it: https://www.optionmillionaires.com/jbs-afternoon-rant-june-22nd-2023/
Markets opened in the red on Thursday but found an early morning bid and traded higher for the rest of the day, with the S&P closing right at the highs of the session, putting an end to a 3 day losing streak. This morning futures are pointing to a red open... again. Seems the next focus point for bears will be global growth concerns with Europe and China showing signs that their Economies are still in a downturn. Think it is always good for the market to have some headwinds... the market seems to climb the proverbial 'wall of worry'. The SPY is back under that $435 handle. Would like to see a close above that today:
I added some TRIP calls yesterday with the stock running on an upgrade from B. Riley. It is a name I have traded for years and think there is an opportunity to play it for upside into the busy summer travel season. Not to mention the stock has been demolished since hitting the $27s in February. Think $20+ before the summer is out pending any crazy market shenanigans. May look for some more strikes if there is weakness today:
Gold sold off for the third session in a row, breaking under that $1930 level for the first time since March. Think $1900 is the next test. May look to add some more positions to my GLD puts to play for further downside:
Another frustrating session for TERN as it reversed a large upside move in the morning to close in the red. Premiums remain strong on the October strikes, likely from expected data due out on NASH and their obesity drug, and the July calls are expensive. So will likely just continue to hold the October strikes:
SPOT had a decent session yesterday but will need a big move today for my calls. This tight-range breakout could see SPOT trade over $180 in the next week or two so may look for some later dated strikes today to play for that move:
FVRR is down over 8% this week in sympathy with the #AI space. I will be adding more calls, but will wait to see it find support - that $26 handle needs to hold. Still think there is an opportunity here to for a big upside move into the mid-high $30s in the coming weeks:
WING gave back the past two days of gains. Still like it for a move to $210+ in the coming weeks:
CMG received a PT upgrade from Keybanc this morning. Could be a nice lotto play today:
And lastly, Z is back on watch as the housing market starts to recover. The market is a forward looking mechanism so think Z will rally well before the housing market. Will be eyeing Aug $60 calls:
And this is what I a watching today: CMG, Z, FVRR, SPOT, GLD, GLL, DUST, TERN, ULTA, BIDU, VKTX, 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