Markets closed slightly lower to start the week, with the S&P losing .04%. Asia markets closed in the green overnight while Europe indexes are mixed this morning. U.S. futures are pointing to a lower open, the Dollar and Gold are higher while Yields and Oil are lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-249/
It was a choppy session start to the week, with markets edging to highs past the noon hour, only to find sellers to close in the red. The Fed starts their meeting today and their decision tomorrow will certainly cause some volatility in the markets - not to mention Powell's presser at 2:30. The SPY came up and tested $417.30 before snapping back, which was above the upper Bollinger band. May need another day or two of consolidation before a move to $420:
CDLX rallied after announcing a resolution to their acquisition dispute. It was a positive outcome and likely takes some of the headwinds out of the stock. It rallied to $8.85 before pulling back. Think it comes and tests the double-digits soon. I went and closed some of my May strikes for nearly 100% to cover costs and will ride the rest. If the stock moves back over $8.50 today may look at some later dated calls:
VKTX rallied another 3.8% on Monday. I used the move to finally lock some of my June calls in for over 100% to cover costs. I will start looking for further out strikes. Think $30+ comes soon now:
I added some speculative calls on TREE yesterday,. The stock has been pummeled over the past 24 months and thought the stock could rally on an inline report and soar on any upside guidance. Instead, the company issued a decent report for Q! but downside guidance for the current Q. The stock is getting pummeled pre-market. Not sure I will add anything for a bounce just yet but do think it will trade back into the $20s soon:
SAGE reported earnings this morning that bested estimates, although the earnings are not as important as the updates. They have $1.1 bil in cash and said it is enough to run thru at least 2025. Great news. They also gave updates on their studies. Think it will find a bid today and trade north of $50. Will be looking to close some of my calls out then ride the rest for the move a to the mid-high $50s (and above) in the coming days:
Still eyeing WING and OLED for calls as well. WING reports tomorrow before the open while OLED reports after the close... high risk/high reward trades.
And this is what I am watching today: WING, OLED, WW, RARE, SAGE, VKTX, CMG, SHW, ABBV, GLD, ALGN, SAM, EDIT, MASI, BLK, SITE, SMG, FAZ, EXAS, ULTA, YOU, SRS, BLK, SQ, and ICPT.
Let's have a great day!
-JB