The S&P rose for the third straight day, as the Fed continued it’s taper, and the language did not spook the markets. After pulling under $188, the $SPY found some late day gas to close at 188.31. The VIX closed at 13.41, down 2.19%. The head and shoulders pattern that was the next catalyst for downside on the Nasdaq seems to be out of the picture. Now we have the “Sell in May” crowd causing the next supposed headwinds. Like every crisis or pullback we have had, i think eventually the momo sell-off will be a distant memory... time will tell.
Here are some nice posts from UPB over the past 24 hours:
Morning Video: https://www.optionmillionaires.com/morning-market-video-ddd-qqq-spy-lnkd-wynn-amzn-nflx-tlt-aapl-hlf-mgm/
Tech Repair : https://www.optionmillionaires.com/tech-wreck-repair/
DOH!!! : https://www.optionmillionaires.com/ddd-ddd-doh/
Zillow continued it’s massive run from Tuesday, and the $100 calls were over a 10x bagger. Still hold the $110s and will look for a possible exit today if the stock fails to breach $110. I added calls in MA, SFLY, and SAM for earnings. All three look good, despite SAM missing EPS estimates once again. SFLY are june calls so may hold those for sometime, but will look to lock some of the MA calls in at some point today, as they should be in-the-money.
Will be watching EXPE and LNKD for earnings afterhours. May dabble in both on the calls side.
We have the big April jobs report tomorrow before the open, and pending any craziness, could be the catalyst for the SPY to test $190...
Here are the analyst changes of note for today(only a few):
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PNRA Panera Bread upgraded to Positive from Neutral at Susquehanna |
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Susquehanna upgraded Panera Bread to Positive and raised its price target to $188 from $184. The firm upgraded shares citing valuation and reduced expectations |
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ANF Abercrombie & Fitch upgraded to Buy from Hold at Jefferies |
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Jefferies upgraded Abercrombie & Fitch to Buy as it believes management's recent actions position the company for significant operating margin expansion and earnings growth. The firm raised its price target for shares to $50 from $37. Jefferies thinks the current valuation of A&F shares represents an attractive entry point |
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FB Facebook added to Focus List at Credit Suisse |
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Credit Suisse added Facebook to the Focus List based on expectations revenue growth can be driven without a material increase in ad loads, Street estimates underestimate new product monetization long-term and optionality form other products such as Ad Network, 3P Mobile and Offers. Shares are Outperform rated with a $90 price target |
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COH Coach price target lowered to $35 from $40 at Goldman |
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Goldman lowered Sell rated Coach's price target to $35 from $40 following the Q3 report citing margin compression and accelerating market share losses. The firm believes the turnaround strategy has risks and limited visibility and sees higher brand investing going forward |
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Yelp growth impressive across all key metrics, says Cantor |
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Cantor believes that Yelp reported solid results. However, the firm trimmed its price target on the stock to $80 from $84 to reflect a higher share count from a stock offering. The firm keeps a Buy rating on the shares |
Here are my current positions:
Will be keeping it small today, have quite a bit of risk on the table. Will look to dabble in some LNKD calls, if you dont know already, i love the company and CEO and think a great Q will go a long way in getting the stock back over $200:
|
Stock Ticker |
Call/Put |
Strike |
Expiration |
Closing Price |
Possible Entry Price |
|
LNKD |
CALL |
$205.00 |
May 17th |
.34 x .38 |
0.35 |
Lets have a great day!!
- JB