Markets closed mixed on Wednesday, with the S&P closing down .70% while the Nasdaq closed slightly in the green. Asia markets fell overnight and Europe indexes are in the green this morning. U.S. futures are pointing to another mixed session, the Dollar and Yields are lower while Oil and Gold are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-218/
It was a choppy session yesterday, with markets opening lower and failing to find any sustained rally in a rocky trade. The SPY closed back under the 200dma, not a good sign here, unless markets can muster a rally today and tomorrow. A trend that may be a silver lining has been the outperformance of the Nasdaq. It hs performed better than the S&P for 13 straight sessions. The tech/growth names are typically more sensitive to a higher rate environment. So this could be the a sign that the Fed may start looking to cut rates sooner rather than later. The odds of only a .25% rate hike at next weeks meeting has also soared... a week ago a .50% hike was given 70% odds. A slightly more dovish tone from the Fed could certainly help put a bid in stocks, not to mention the worries of more contagion from the Silicon Bank fiasco putting the Fed in a tough spot if they wanted to raise rates more.. Would like to see a $390+ close on the SPY today:
NFLX received an upgrade yesterday and another PT upgrade this morning. I added some $310 calls at the open yesterday and was able to close some of them out for 100% and 200%+. Think a move to $315+ is coming soon. May look at some strikes into next week this morning:
The YEXT chart still points to more highs coming soon. Think once it breaks $10 the mid-teens come quick:
ROKU closed higher yesterday and my calls are back in the green. Think $70+ next week. Will look to close some of my calls out to cover costs when I get the chance and ride the rest:
CMG closed flat... a premium killer. Still like this one for higher. As inflation dissipates these companies who have raised prices will benefit:
And lastly, still eyeing MASI here:
And this is what I am watching today: :CMG, NFLX, ROKU, SAGE, MASI, YEXT, ULTA, MASI, ICPT, YEXT, AI, ULTA, YOU, DKNG, EXAS, U, SMG, TWLO, TRIP, RBLX, SPOT, AYX, GILD, CDLX, SAM, IBM, SQ, ZYME, ICPT, ALGN, and GNRC.
Let's have a great day!