Stocks closed higher last week, with the S&P adding 1.88% and making it 3 consecutive weeks of gains. Asia markets closed higher overnight while Europe indexes are mixed this morning. U.S. future are pointing to a flat open, the Dollar, Yields, and Oil are higher while Gold is lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-269/
Stocks rallied last week, with the S&P testing levels not seen since last August. All this despite a stronger than expected jobs report on Friday - a good sign that markets can finally start taking positive data as a good thing instead of selling off on fears of more rate hikes. This week the market is light on catalysts. There are still some earnings from names like DOCU, GME, and SJM while Apple will holds it annual World Wide Developers conference today where they are expected to announce their new VR set. Makes me nervous sometimes where there is a lack of headwinds, especially with markets at highs. At the same time, companies are coming out of blackout periods, and stock buybacks resume. Would like to see some churn here and then maybe a $430 test this week on the SPY with that $423 area as support on weakness:
It was a strong few session for DPZ. I used Fridays move to close the last of my calls for nearly 500%. If it shows signs of continuation today, may look to add some more strikes for a move to $320+ in the next week or two:
NNOX soared another 17% on Friday and I was able to close some more of my calls for nearly 300%. Crazy to think it can head higher, but there is a potential bull-flag setting up pointing to a possible $6.50+ move to $28 or so. Will hold the last of my calls for that potential move while using $19.50 or so as a stop:
YEXT recouped most of Thursday's losses, closing up nearly 6% on Friday. They report earnings after the close tomorrow. Will be looking to close some of my August calls to cover costs, if I get the chance, and hold the rest into the report. Think double-digits coming:
Really love FVRR here and I added more calls on Friday. The stock has sold off after earnings, despite a great report, and hit 52 week lows on Thursday. Think there are some out there who think FVRR's business will be hit with this AI craze... I think the opposite. This AI craze will only have more people searching for ways to improve efficiencies..ect and FVRR is a great platform to find someone who can do that for you. On the flip side, those who used to sell gigs for research papers or other areas that ChatGPT will disrupt, will find other ways to monetize. Will be looking to lock some of the June calls in to cover costs when I get the chance. Think this is $30+ soon:
TERN and VKTX both had solid sessions on Friday. Hopefully some continuation this week. Still eyeing some MDGL calls as well, especially with its sell-off last week, closing down every day:
SAM still looks great here. Holding the freebie calls with profit and may look for some higher strikes on a break above $345 today:
BIDU closed over its 50dma for the first time since April. Think $150+ comes here soon:
A big close for ROKU on Friday. The stock has had a tendency to reverse gains for no reason over the past 6-12 months. Hopefully it can finally find some footing and work its way over $68 in the coming sessions:
Lastly, still eyeing WING as a bottoming out play:
And this is what I am watching today: WING, DPZ, MDGL, BIDU, SAM, OLED, GLD, AMD, LRCX, MU, NFLX, GLL, TERN, QQQ, ZYME, SPOT, AXSM, SAGE, RARE, SRPT, BLK, EXAS, W, SHW, ABBV, and ALGN.
Let's have a great day!