Markets are looking at a green open as I write this, with S&P futures up .30%. Asia markets fell. overnight while Europe indexes are in the green this morning. The U.S. Dollar and Oil are lower while Yields and Oil are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-220/
It's a big week for markets, though these days it always seems to be. The Fed decision is due on Wednesday with a .25% hike expected. Based on what is going on with the Silicon Bank fiasco, the runs on these regional banks, and what is going on with Credit Suisse, have to think the Fed could spin a little more dovish tone and possibly not even raise rates. In my humble opinion, this is not even close to 2008. Everything is out in the open, and the Fed and Treasury is acting faster based on lessons from the financial crisis. Not only that, the Banks are much better capitalized than in 2008 after years of stress tests and restrictions. Think there will be opportunities for some bounces in some names over the next week or two, I particularly like BLK. Despite all the fear mongering, the S&P finished up over 1% last week and back over the 200dma. Think a move to $400+ is in the cards this week:
I added more VKTX calls on Friday after the analyst initiation from Stifel. The stock closed up over 8% and think $12+ is coming today and possibly $13+ into the end of the week. Will look to close some out to cover costs at 100% and ride the rest:
I also added some SQ calls. Think what is going on right now only adds credence to alternative currencies and means of transactions. SQ plays right into theme, not to mention Bitcoin soaring 32% last week. Think once SQ breaks its 50dma at $76, the mid-$80s come quick:
BLK is back on watch. It has fallen $70 over the past two weeks but held up well despite the rest of the financial sector getting pummeled. Think it can re-test $700 in the coming days:
NFLX sold off on Friday, testing $300 before closing at $303.50. Happy that I closed the last of my calls. Still bullish the name and think a move to $330 is coming so will continue to have my eyes on calls:
MDGL could be back in play for a test of $300+. Premiums are high so will be patient to find a decent risk/reward strike:
And lastly, still eyeing MASI. This tug-of-war at the $170 level will eventual resolve and a move to $190+ will come:
And this is what I am watching today: MDGL, NFLX. MASI, SAGE, CMG, ULTA, ICPT, AI, 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!
-JB