Stocks fell on Thursday, with the S&P closing down 1.85%. Asia markets tumbled overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a bounce, the Dollar, Yields, and Oil are lower while Gold is in the green.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-214/
Stocks tried to find footing yesterday morning, only to find sellers - it was an ugly session. Financial stocks took the brunt, with the XLF selling off over 4%. SIVB seems to be some of the catalyst, a venture capital based bank that has seen outflows of capital and needed to raise cash. Silvergate ( $SI) also announced plans to wind down operations. Don't think these are Lehman moments but certainly something to watch... the market has already survived the FTX fiasco. The SPY broke back under its 50dma and tested the 200dma. If that can hold today, would be a good sign. A close under $390 would not bode well for next week:
CMG rallied yesterday, testing $1578 before pulling back. I used the move to close some calls out for 100%. If it can find a bid back to $1560 or so I may look for some calls into next week:
SSYS received an unsolicited $18 buyout bid from NNDM. This is the same company that acquired XONE. SSYS is trading near $16 in the pre-market. I have a feeling they will spurn the offer. Still holding some April calls and will look to take some more off at the open and hold the rest. Love the SSYS story and think it heads back to $20 in the coming weeks:
YEXT closed down over 2% yesterday in sympathy with the market. The chart still looks great and think a move into the teens is still coming:
It was a rough day for SAGE, closing down over 3%. As along as it holds the 50dma at $42.67 should be good to go for a move into the $50s in the coming days:
ULTA reported a great quarter after the close yesterday while also raising guidance yet the stock is lower in the pre-market. Think it will find some bidders at the open. May look for some lotto calls to play for a move to $530+ and/or some strikes into next week:
NFLX has tumbled from its post-earnings highs. May look at some lottos today if the market holds green:
And this is what I am watching today: :NFLX, CMG, SAGE, YEXT, ULTA, MASI, ICPT, YEXT, AI, ULTA, YOU, DKNG, EXAS, U, SMG, TWLO, TRIP, RBLX, SPOT, NFLX, AYX. CMG, ROKU, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, ALGN, and GNRC.
-JB