Stocks fell on Tuesday, with the S&P closing down over 1.5%. Asia markets closed mostly lower overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a small bounce as I write this, while the Dollar, Yields, Oil, and Gold are all lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-212/
It was a rough day for stocks on Tuesday, as Powell's comments from his semi-annual testimony in front of congress came in more hawkish than expected. Minutes after his remarks came out, the expectations rose to a.50 hike at the next meeting up from .25%. Stocks failed to find any meaningful bounce during the day and closed right near the lows of the session. The SPY closed right back at its 50dma. It will need to find some footing here today or I fear more downside is coming:
YEXT traded higher for most of the session yesterday and I used the move to close more of my calls out for 300%. After the close the company reported a decent report but issued slightly lower revenue guidance. The bears are pouncing on the name, pushing it down in the pre-market. I still think this is a great story and the stock will recoup the losses and then some. I may actually look to add more later dated strikes to play for an eventual move into the teens and beyond:
TNDM took a pause yesterday, trading down with the rest of the market. If it finds a bid today, I may look to add more strikes to play for a move into the $50s in the coming weeks:
CMG closed in the green yesterday... barely. Will need a big move in the next 3 days for my calls to come back to life. At some point this will pull a $150-$200+ multi-day rally so may look for some strikes into next week at some point:
Still eyeing ULTA for some calls into earnings as well:
And this is what I am watching today: : ULTA, MASI, CMG, 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