Stocks soared for the second session in a row, with the S&P adding .94%. It is now up 1.86% on the week and at levels not seen since last August. Asia markets closed mixed overnight while Europe indexes are rallying this morning, with the DAX hitting all-time highs. U.S. futures are pointing to a higher open, the Dollar is in the red while Oil, Yields, and Gold are higher.
It was another solid session for stocks on Thursday, with the S&P rallying in the afternoon to close right near that $420 handle I have been chirping about for the last few weeks. WMT earnings helped ease concerns around a deep recession and looks like inflation and the regional bank fiasco are behind us... for now. Things get tricky here at the $420 handle. If there is one positive sign it is the MACD. Every time there is a bullish crossover(like now) the SPY had rallied over $30. Not saying we get to $450 on the SPY, but could bode well for a move to $430+ in the coming weeks:
The SPY is above its upper bollinger band, so some consolidation would be ideal before the next leg:
I added some ROKU spec calls yesterday, with the stock rallying in sympathy with the news that NFLX has over 5 million ad-tier subscribers. ROKU is the king of the ad-tier and has been doing it for years.... ie. they have had their own free ROKU channel longer than anyone. AMZN has their Freevee. Still shocked ROKOU has not been bought and trades down here. Will need a big move today for the weekly calls but do like it into next week and may look to add more calls to play for that move over $60:
As outlined on yesterdays watchlist, I went and also added ZYME calls. Think this trades north of $10 in the coming days and then possibly into the mid-teens in the coming weeks:
VKTX had its worst session in a while but is still up nearly 3% on the week. ICPT has their ADcom today. Could bode well for VKTX on Monday:
BLK received some positive analyst commentary this morning. May look to add some spec calls for a move top $690:
RARE rallied over 3% yesterday. Another potential Bio buyout name I have been watching. I may look to add some calls today:
WING looks ready to rebound from its post earnings pull-back. Think $220+ is coming:
And lastly, still looking to add more WW calls, a decent session yesterday:
And this is what I am watching today(same as yesterday): WNG, WW, WIX, ZYME, BLK, CMG, SPOT, OLED, VKTX, AXSM, SAGE, RARE, SRPT, BLK, EXAS, RARE, GLD, W, SHW, ABBV, GLD, ALGN, SAM, EDIT, BLK, SITE, SMG, and ULTA.
Let's have a great day!
-JB