Futures are pointing to a green start to the week, with the S&P set to open .35% higher as I write this. Asia markets closed up overnight while Europe stocks are also higher this morning. The US dollar and Gold are lower while Yields and Oil are higher.
It was a chopfest last week, with the S&P closing down .26%. The SPY traded between $408.87 and $414.54 - one of its tighter weekly trading ranges and not one that is favorable for options and direction.This week is all about retail. We get names like WMT, TGT, HD, TJX reporting and we also get the April retail sales numbers on Tuesday. Seemed like just yesterday folks were calling for the death of Brick and Mortar... now a strong earnings report from WMT could sent it to all-time highs. Think this is the week we finally break and close above that $415 handle on the SPY and maybe test that $420 spot. If we do, will be plenty of opportunities on the call side(and I can get a little more aggressive) :
SRPT had its AdCom on Friday to discuss accelerated approval for their drug to treat Duchenne muscular dystrophy. Such a horrible affliction and happy to see the committee voted 8-6 in support. Now it is just about waiting for the FDA decision in a few weeks. Duchenne muscular dystrophy is such a horrible affliction and sad that parents, who have no options but to watch their child wilt away, are not given the option to at least try something. Hopefully this gets approved. Like most approvals, think a positive outcome bodes well for bio names. I haven't traded SRPT in years but think maybe $200+ in June on FDA approval. May look at some spec calls:
VKTX keeps churning in a tight range. Not adding any more calls just yet. NASH data should be out any day now:
HD reports earnings before the bell tomorrow. Unlike some of the other retailers(ie. WMT), HD has struggled due to the 'housing slow down'. Think there is a tracdable setup into earnings. If it reports a decent Q and some inline guidance, think it can work its way back to the gap at $310 or so this week:
BLK is also still own watch here for a move above its 50dma at $658:
Hopefully I can get a bit more aggressive this week if the market can find some footing.
And this is what I am watching today: SRPT, HD, ZYME, BLK, 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