Markets closed mostly lower on Thursday, with the S&P and Dow finishing in the red while the Nasdaq squeezed out a gain. Asia markets closed mixed overnight while Europe indexes are in the green this morning. U.S. future are pointing to a higher open, the Dollar, Yields, and Oil are higher while Gold is lower.
It was a boring chop session on Thursday, with indexes trading in a mostly tight range. Just like Wednesday, stocks hit lows at 2pm only to find a bid into the close. I was looking for the SPY to test and break $415... looks like that will have to wait until next week. Headlines will say the market tumbled yesterday, due to the Dow's .66% sell-off, but that was all due to Disney. Would like to see the SPY find some buyers to at least close up over .12% - which is how much the S&P is down this week:
It was another day of sitting on my hands. Sessions like yesterday's and Wednesday = premium crush. Hopefully we can get some follow-thru today to the upside.
AXSM rallied in the morning after positive analyst commentary only to give it all back. AXSM has a great pipeline and one of their drugs that will likely receive FDA approval soon is with Alzheimers agitation. A good sign here that it will be approved soon:
Still looking to close the last of my May strikes and add some later dated calls:
Trying not to be a broken record on SAGE and VKTX so check out yesterdays watchlist for my thoughts : https://www.optionmillionaires.com/may-11th-2023-watch-list/
I may look at some lotto calls today:
BLK continues to look interesting and think once it breaks that 50dma at $659 the $670s come quick. May look at adding calls into next week as well:
NFLX has posted a sneaky rally this week, closing in the green every day and is now up nearly 7% on the week. $350+ looks possible, may look at some spec calls today:
And lastly, still eyeing ZYME. The stock had held its earnings gains and looks ready for the break into the $11-12s in the coming days:
And here is what I am watching today: ZYME, 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