Markets closed mixed on Tuesday, with the S&P squeezing out a gain while the Nasdaq closed in the red. Asia stocks fell overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a red open, the Dollar and Yield are higher while Oil and Gold are lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-445/
Stocks melted higher into the afternoon, looking to pad gains from the previous sessions, only to find sellers into the 2pm hour. Stocks traded into the red but were able to find a late day surge to push the S&P into the green at the close, albeit it just barely. There is still not much in the way of market moving catalyst until next weeks CPI number. There is also more Fed Speak today with: Fed Vice Chair Philip Jefferson will speak at 11 a.m., followed by Boston Fed President Susan Collins at 11:45 a.m. and Fed Gov. Lisa Cook at 1:30 p.m. Likely not market moving but still have the recent memory of that market swoon after hawkish comments by Fed Speakers. The SPY came up and tested $518.50 before pulling back. Looks like strong resistance for today with $512.50 continuing to be support - would not be surprised to see chop today and tomorrow between those levels:
And another good sign here with the amount of stocks trading over their 50dma in the S&P over 50%:
Yesterday was a day for mostly sitting on my hands:
I closed the last of my May $IIPR calls for over 300%. Seems the stock has stalled a bit after the last 3 sessions, not to mention it will report earnings after the close today, so wanted to make sure I took the profits. Still holding the June strikes and will likely hold most/all into the close today. Think $120+ coming for IIPR:
What a day for TRUP, closing up over 13%. It has now rallied over 28% from its Friday lows on no news. To me it is just the shorts, who either have run out of ammo to pressure the stock, or have started to cover some. As I have mentioned before, most of the shorts on TRUP are also short RILY and long names like BYON and ENVX, BYON got absolutely destroyed yesterday so could be some freeing up some cash to cover margin calls. Either way, my TRUP calls have come back to life. Another strong session today and they should be green. Would not be surprised to see a move to $30+ in the coming days:
VKTX tried hard to close over $80 yesterday, but just couldn't find enough buyers. I am still looking to add more strikes. Will continue to watch today for possible opportunities. Late tonight VKTX will have a fireside chat with BTIG. Will be interesting to watch and will share updates, if there are any, tomorrow:
DELL traded up near $130 for most of the morning yesterday, but just couldn't break thru, and then fell with the rest of the market in the afternoon. Still eyeing some June calls but will continue to be patient:
ADBE closed off .27% yesterday and traded in a tight range. Only a matter of time before it moves north of $500. Will be watching for some possible calls into next week:
Yesterday was a big day for one of my Top 5 stocks for 2024, STRL. It rallied over 15% after another strong earnings report. It is not the most liquid option name so passed on trying to chase it at the open. STAA, another one of my Top 5 stocks for 2024, reported a strong Q after the close yesterday but is trading a bit lower in the pre-market. May actually look to add some spec calls for a move into the $50s in the next week or two. STAA is such a great story:
STRL:
STAA:
BIDU is gapping lower for the second session in a row after a weak Asia session. Will also continue to be patient here:
CDLX closed up over 1% yesterday and for the 5th straight session. They will report earnings after the close. Think it will be a beat and raise but nothing is ever certain. Already locked in some June strikes for 100% to cover costs and will continue to look to take some of my May strikes off. But if I can't, will hold the rest into the close today. Think a strong report and its over $20 in the coming sessions:
And here is what I am watching today: VKTX, IIPR, BIDU, STAA, STRLL, TERN, DELL, ROKU, ADBE, U, AI, ROKU, BIIB, CGC, ACB, AVGO, MDB, LRCX, CRWD, AVAV, POOL, URI, GWW, SE, MDB, NOW, TZA, SPOT, EW, SNOW, GPCR, PYPL, and V.
Let's have a great day!
-JB