Stocks are pointing to a lower start to the week, with S&P futures down .36% as I write this. Asia markets closed mostly higher overnight while Europe indexes are tumbling this morning. The US dollar, Yields, and Oil are lower while Gold is higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-215/
The S&P was down 4.52% last week, with the majority of the losses happening at the end of the week after news of the biggest bank failure since 2008 weighed. Silicon Valley Bank is all over the headlines and worries over contagion are pushing stock futures down. There is also concern that many companies have their cash there... A 'Lehman moment'? Potential Black Swan? I think banks are much better capitalized than in 2008. Not saying the market can't fall more, just think it will not be anywhere near as bad as 2008/2009. The SPY is now under the 50 and 200dma. Need to get back over that 200dma in the next day or two or $370 is next on the SPY:
Despite the market sell-off last week there have been plenty of opportunities on the call side:
I flipped some ULTA weekly calls on Friday for nearly 300%. Really like the ULTA story here and may look to add some strikes to play for a move to $550+:
SSYS rallied after receiving a buyout bid from NNDM. I was able to close more of my calls out for over 300% and will hold the rest. Think SSYS will work its way back to $20 and beyond in the coming weeks:
MASI looks even more interesting after closing down every day last week. Such a great story. May look to add some calls to play for a bounce if it holds $170:
Outside of that, will be patient. So many folks bearish and posting fear monger pieces which means we squeeze at some point. Will be quick to look at some lottos if we go red to green today.
And this is what I am watching today: :MASI, 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.
Let's have a great day!
-JB