June 28th, 2022 Watch List

Stocks gave back some of last weeks gains on Monday, with the S&P closing down .30% in a choppy, almost boring session on Monday. Asia markets closed higher overnight as China scaled back its Covid restrictions while Europe stocks are in the green this morning. U.S. futures are pointing to a higher open as I write this, the Dollar is lower while Oil, Gold, and Yields are higher.

And this is what UPB is reading this morning : https://www.optionmillionaires.com/morning-reads-50/

Markets reversed early morning gains yesterday, trading into the red and then chopping around for the rest of the day. Could chalk some of it up to consolidation after last weeks rally. This morning futures are rallying with some of the catalyst coming from China, as they scaled back their Covid restrictions. Seems like the markets are setting up just like yesterday... hopefully this time the gains hold. If there was a positive sign from yesterdays action, it was the small-caps which closed in the green. I wrote about it a few months ago, that the US dollar will be a boon for small-cap names and the stronger dollar also helps offset inflation... not to mention makes the US's interest payments on its debt less expensive:

Certainly something to watch We get the PCE data out on Thursday. Outside of that there is not much in the way of catalysts. Would like to see a close above that $390 handle and would think $400 test would come before the holiday weekend:

BPT is looking to retest highs with a potential bull-flag breakout setting up:

At some point may start looking at some August calls.

NTR had great session yesterday and looks to pad gains again after a positive note from Bank of America this morning. Think a trip into the $90s is coming this week and an eventual test and break of $100 in the next week or two:

IBM had a solid session but will need to get over that $145 handle soon or I may look to close the last of my calls:

ROKU struggled yesterday, closing back under $95 after testing the $100s at the start of the day. Still think this maybe a catalyst play with potential NFLX buyout and think it will do well even without that. May look to add some calls past earnings which will be at the end of July(so maybe Aug strikes):

Still love TZOO and TRIP here, and think both will rally today with the travel names.

Still eyeing some calls in SAGE, U, SPOT, and EXPE. Looks like investors didn't like the MDGL data over the weekend so will take that one off watch for now.

Here are the analyst changes of note for today:

Rackspace Technology price target lowered to $10 from $11 at Evercore ISI
Evercore ISI analyst Amit Daryanani lowered the firm's price target on Rackspace Technology to $10 from $11 and keeps an Outperform rating on the shares. Daryanani is lowering estimates and price targets for select companies within his IT Hardware and Networking coverage to reflect developments that include currency, slowing PC markets, and a more conservative stance on the second half given inflation, rising rates, and geopolitical risk
Arista Networks price target lowered to $120 from $160 at Evercore ISI
Evercore ISI analyst Amit Daryanani lowered the firm's price target on Arista Networks to $120 from $160 and keeps an Outperform rating on the shares. Daryanani is lowering estimates and price targets for select companies within his IT Hardware and Networking coverage to reflect developments that include currency, slowing PC markets, and a more conservative stance on the second half given inflation, rising rates, and geopolitical risk
Apple price target lowered to $180 from $210 at Evercore ISI
Evercore ISI analyst Amit Daryanani lowered the firm's price target on Apple to $180 from $210 and keeps an Outperform rating on the shares. Daryanani is lowering estimates and price targets for select companies within his IT Hardware and Networking coverage to reflect developments that include currency, slowing PC markets, and a more conservative stance on the second half given inflation, rising rates, and geopolitical risk
Global Blood Therapeutics price target lowered to $36 from $39 at JPMorgan
JPMorgan analyst Tessa Romero lowered the firm's price target on Global Blood Therapeutics to $36 from $39 and keeps a Neutral rating on the shares
Lam Research price target lowered to $510 from $560 at UBS
UBS analyst Timothy Arcuri lowered the firm's price target on Lam Research to $510 from $560 and keeps a Buy rating on the shares as part of a broader research note on semiconductors and equipment. The analyst is trimming his WFE forecasts following a series of meetings with companies in Asia indicating that major memory producers appear more apt to start moderating capex budgets and wafer capacity additions for both NAND and DRAM in response to new downside to memory demand expected in the second half of this yea

And here is what I am watching today: BPT, EXPE, SPOT, U, ROKU, SAGE, and ZYME.

Let's have a great day!

-JB

JimmyBob (Scott)has been trading equities for over 15 years, a majority of which were OTC micro-cap stocks. He started trading high risk stock options over the past 7 years, and has proven winning trades in excess of 15,000%.

As one of the Co-Founders of optionmillionaires.com, Scott enjoys sharing his knowledge with other investors through timely blog posts, daily watch lists in the forum, weekly webinars, and helpful advice within the chatroom.

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