Markets closed mostly higher on Wednesday, with the S&P adding .45%, the Nasdaq rallying 1% while the Dow closed slightly in the red. Asia markets closed mostly lower overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a flat open, the Dollar and Gold are higher while Yields and Oil are lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-255/
It was another choppy session on Wednesday, with stocks opening higher on cooler than expected CPI data, only to give it all back and them some. Markets finally found a bid at 2pm to close near the highs of the day. This morning the PPI numbers also came in a tad cooler than expected. Have to think this inflation story is going to start to slip behind the front pages. The SPY came up and tested that $415 handle. Would like to see a close above that today or tomorrow and then $420 is next. Also of note, the Nasdaq closed at levels not seen since the summer of 2022:
VKTX closed up 1% in a somewhat uneventful session. I went and closed the last of my May calls for over 400%. Will continue to hold the June and July strikes. What a cash cow VKTX has been:
WW's largest stakeholder, Artal group, sold the last of their WW stake. They have held the position for 34 years. Doesn't look like any issue, but the stock is down over 10% in the pre-market. Hopefully finds some footing today and can work its way back into the $8s before the weekend:
A great session for SAGE, closing up over 4%. Running out of time on my calls. I may look too add some June strikes today if the stock shows more strength today:
AXSM received two positive analyst notes this morning and the stock is gapping in the pre-market. Will be looking to close the rest of my May calls and possibly add some June strikes for the eventual move over $100:
WIX recouped most of Tuesdays losses. Will continue to hold my calls into earnings next week:
Was watching ILMN yesterday as the stock was rallying on news of a possible shakeup at CEO and amidst the proxy war with Icahn. If it breaks over $210 I may look to add some speculative weekly strikes for a move over $220:
U and APP reported strong earnings yesterday and bode well for the sector. May look at some calls on U to play for a move over $35 in the coming weeks:
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, BLK, SITE, SMG, and ULTA.
Let's have a great day!
-JB