Markets rallied again on Thursday, with the S&P adding .51% and closing higher for the 6th session in a row. Asia stocks soared overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a higher open, the Dollar is lower while Yields, Oil, and Gold are all higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-446/
And my morning rant from yesterday if you missed: https://www.optionmillionaires.com/jb-pre-market-rant-may-9th-2024/
It has been a green week for markets, with the S&P closing higher everyday while the Dow has closed higher every session in May. Sell in May and Go Away? Still have plenty of time for that. For now seems the market is digesting Powell's somewhat dovish spin last week coupled with the weaker than expected Jobs report. Next week is a big one, with CPI data out on the 15th. The SPY closed above $520 and is right near all-time highs. Good to see the SPY break and close over that key $518.50 handle and would bode well into the weekend with a $520+ close:
And more good signs here with nearly 60% of the S&P companies over the 50DMA:
And also great seeing small-caps starting to outperform:
I added FVRR calls yesterday, as outlined on yesterday's watchlist. Think the stock is ready to reverse course into the mid-high $20s in the coming weeks. It broke over $23 in the morning only to chop around for the rest of the session in the low $22s. Still like it for higher and may look to add some June strikes to my May calls:
Some huge news for TRUP after the close yesterday, with the founder of TRUP adding a half of million dollars in stock on May 7th. A huge deal IMHO:
I think I mentioned it a while back, but on one of the TRUP earnings calls, an analyst asked why there were no insider buys on the stock. I have never seen that question before, seems irrelevant as everyone's financial situation is different... almost felt like a loaded questions paid for by the bears. Either way, a kick in the butt today with that filing and insider buy from the founder. My calls should be trading back in the green at the open and I may now look to add some June strikes for a move into the $30s:
I also added some spec/lotto calls on RILY yesterday. The company announced they will not be able to file their 10-Q on time with their next earnings next week. Despite the news the stock reversed morning losses to close up over 2%. The bears had their chance yesterday and failed... which makes me think more short covering is coming. May look for more calls today on strength, think $40+ soon:
VKTX candles are getting tight again and the stock closed over $80 for the first time since March. Nice read here on the VKTX MASH opportunity:
https://x.com/Mufaso7/status/1788625553018200408
Still looking to add more strikes ontop of my June $100s:
DELL is showing signs of breaking out here. Think $140+ is coming soon. May look to add more strikes today and still hopeful on my spec calls:
ADBE traded in the red yesterday despite the market strength. Will likely be on the sidelines into next week with my freebie call expiring:
And lastly, will be watching BIDU, SPOT, ROKU, and NFLX for some possible spec calls today.
And here is what I am watching: DELL, ADBE, FVRR, VKTX, TERN, RILY, BIDU, SPOT, ROKU, NFLX, IIPR, BIDU, U, AI,, BIIB, CGC, ACB, AVGO, MDB, LRCX, CRWD, AVAV, POOL, URI, GWW, SE, MDB, NOW, TZA, SPOT, EW, SNOW, GPCR, PYPL, and V.
Let's have a great day!
-JB