Markets opened lower yesterday and failed to find any sustained buying pressure. The S&P closed down .46% while the Nasdaq fell .63%. Asia markets closed mostly lower overnight while Europe stocks are in the red this morning. U.S. futures are pointing to a green open 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-254/
Markets closed lower yesterday in an annoying premium crushing session. The S&P hit lows at the noon hour, tried to find buyers by 2pm. only to close right back at lows. The SPY held that $410 handle... a good sign. This morning the CPI number came in cooler than expected. The inflation headwind is likely being removed for the market bears and now they will focus on the Debt ceiling and Geopolitical concerns. Funny how this works. Tomorrow we get the PPI number. If that comes inline or cooler than expected, think markets can find a bid and the SPY can break/hold that $415 handle:
YOU posted a strong beat and raise yesterday while also announcing a divy. Despite the great earnings the stock tumbled. Feels like shorts are trying to push it down. Not going to add anything more just yet but do think this trades north of $30 in the coming weeks. Needham also reiterated their Buy rating and $40 PT this morning:
EDIT is looking great, closing in the double-digits for the first time since February. Will look to close the last of my may strikes today and hold my June calls:
EXAS reported a great Q after the close yesterday and is gapping higher this morning. May look at add some weekly strikes at the open to play for above over $80:
It was a rough session for WIX yesterday, closing down nearly 5%. Still like the setup here into earnings next week:
ZYME is back on watch. May look at some speculative calls today:
And lastly, may look to enter ROKU:
And this is what I am watching today: ROKU, BLK, MASI, EXAS, OLED, RARE, GLD, SPOT, NFLX, W, VKTX, CMG, SHW, ABBV, GLD, ALGN, SAM, EDIT, MASI, BLK, SITE, SMG, FAZ, EXAS, ULTA, and YOU.
Let's have a great day!
-JB