Markets closed mixed to start the week, with the S&P finishing down .15% while the Nasdaq closed up .46%. Asia markets tumbled overnight while Europe stocks are in the green this morning. U.S. futures are pointing to a bounce as I write this, the Dollar and Yields are higher while Oil and Gold are lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-216/
Futures are pointing to a rally today, as the CPI data for February came in near expectations. The Silicon Valley Bank fiasco weighed on markets yesterday and folks are worried about contagion, but at the same time, it could cause the Fed to scale back on their next rate hike next week. Estimates are now down to a .25% rate hike from .50% only a few days ago. Would be a good sign here if the markets can hold the morning gap and the SPY can close back above the 200dma:
SAGE rallied yesterday, closing up over 9% on an analyst upgrade. I used the move to close some of my calls out for over 100% and held the rest. Think SAGE will trade north of $50 in the coming weeks and may look for some later dated strikes today:
VKTX closed in the green yesterday, holding the 50dma. Still like this for the mid-teens in the coming weeks:
MDGL has closed lower for 11 of the past 12 sessions. Think a bounce is coming soon so may look to add some speculative calls today:
Looks like CMG is starting its typical $150-200 bounce off lows. Premiums are pricey but may look to add some strikes for a move into the mid-$1600s in the coming days if I can find a decent risk/reward strike:
MASI had a solid session yesterday. Still looking to add some strikes for the eventual move to $190+
And lastly, some names were beaten up from the SIVB fiasco... companies who had cash held there. ROKU is one of them. Could be an opportunity here for a bounce:
And this is what I am watching today: :ROKU, SAGE, MASI, YEXT, ULTA, MASI, ICPT, YEXT, AI, ULTA, YOU, DKNG, EXAS, U, SMG, TWLO, TRIP, RBLX, SPOT, NFLX, AYX. CMG, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, ALGN, and GNRC.
Let's have a great day!
-JB