Markets closed mixed to start the week, with the S&P and Nasdaq finishing in the green while the Dow ended the day 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 lower open, the Dollar, Yields, and Oil are higher while Gold is selling off.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-261/
It was a choppy session on Monday, with stocks opening at highs only to come under immediate pressure after a false report hit the wires:
Brought back some memories:
The report was fake and markets found a bid, but couldn't regain the morning highs. The SPY tried twice to hold the $420s but failed... seems like strong resistance for now. Debt ceiling talks are still stealing the front pages, we get the Fed minutes tomorrow, and then PCE data on Friday. Have to think this debt ceiling thing gets resolved, PCE data comes in at-least inline, and the Fed minutes spin a slightly dovish tone. If those things happen, have to think we head into the holiday weekend above that $420 handle on the SPY:
A footnote, take a look at the interest in inflation... ironic:
I added some later dated calls on TERN yesterday, TERN is a great story, just like VKTX, with a pipeline that includes NASH and Obesity. I'll try and have a quick write-up today on it:
https://www.ternspharma.com/pipeline
The chart looks great, with a possible bullish-crossover happening soon:
Think $14 comes soon and may look for some closer strikes on any weakness.
A tough session for ZYME on no new catalysts. The stock found some support at the 50dma, so would want to see that hold and think the $10+ level comes again quickly:
ROKU, like TERN, has a great chart setup here with a potential short-term bottom coupled with a possible bullish-crossover. I went and added some more calls into next week on top of the strikes that expire Friday. One of these days ROKU rallies 25%+ in a short period of time:
Gold has closed lower in 7 of the past 10 sessions. Not chasing puts here just yet, but think a move to $1910 or so is possible(and maybe lower). Will be watching for possible opportunities using GLD puts and/or GLL:
I was eyeing WING and ULTA calls yesterday but both were weak so I passed. The ULTA chart is nasty with the stock shedding over $70 this month. Premiums are still pricey with earnings Thursday. Still looking to add some calls for premium build into the report:
VKTX looks back on track, closing up over 6% yesterday to recoup most of the previous session losses. Think all-time highs coming this week. Likely will just continue to hold the June/July strikes:
And lastly, still hopeful on BLK, but will need to break and hold that 200dma today or tomorrow:
And this is what I am watching today: TERN, ULTA, WING, GLD, WW, RARE, WIX, ZYME, BLK, CMG, SPOT, OLED, VKTX, AXSM, SAGE, RARE, SRPT, BLK, EXAS, RARE, GLD, W, SHW, ABBV, GLD, ALGN, SAM.
Let's have a great day!
-JB