Markets ended last week in strong fashion, with the S&P closing up 1.85% on Friday to put an end to a 4 session losing streak. Asia market closed mostly higher overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a higher open, the Dollar is lower while Yields, Oil, and Gold are all higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-252/
Markets closed .79% lower last week, despite a strong rally on Friday, with worries around a run on regional banks weighing. Despite all the headwinds, the SPY chart is setting up nicely and think that $420 test is finally coming. This week we still have plenty of earnings with DIS, PYPL, U, RBLX, and others reporting. Here are the implied moves: https://www.optionmillionaires.com/some-implied-moves-for-earnings-next-week-may-8th-may12th-1114-companies-reporting/
We also get April inflation numbers with CPI data coming out Wednesday morning and PPI coming out on Thursday. Kind of comical to see the inflation numbers being somewhat pushed to the sidelines these days. Would think these numbers continue the trend of inline or cooler than expected. Seems the bears want to move onto new fear monger headlines. We closed back over that $410 handle, so will be key support this week. Maybe a day or two of churn before we can close above that $415 handle:
VKTX is gapping higher this morning. I don't see any news. It was another strong session Friday, with the stock closing up over 5%. Only a matter of time before this is at all-time highs... maybe today:
EDIT rallied on Friday after earnings that helped alleviate concerns on their cash position, as well as providing positive updates on their pipeline. The stock is receiving some positive analyst commentary this morning as well:
I was able to close some of my May $10 calls out for 400% and also added some June strikes. Will likely look too close the rest of my May calls out today and ride the Junes for the move into the double-digits in the coming days:
WW rallied 22% on Friday after reporting better than expected earnings. Shorts had their chance and now I think this will squeeze into the mid-teens and possibly higher. I went and added some June calls to go with my May strikes. Will look to close Mays, when I get the chance, and just hold the Junes for the possible squeeze coming:
AXSM reported earnings this morning that bested estimates and also gave an update on their pipeline and cash position... all were positive. The stock is gapping in the pre-market. Think this trades north of $80 today or tomorrow. Will look to close a few more of my calls out and may look for some later dated calls to play for the eventual move over $100 in the coming months. Not to mention I think AXSM is a prime buy-out candidate:
Still love the WIX setup here... they report earnings a week from Wednesday:
EXAS and MASI both report earnings tomorrow after the close. I may look to nibble some speculative calls on both... MASI for a move over $200 and EXAS for a move to $75+:
MASI:
And here is what I am watching today: MASI, EXAS, OLED, RARE, GLD, SPOT, NFLX, W, VKTX, CMG, SHW, ABBV, GLD, ALGN, SAM, EDIT, MASI, BLK, SITE, SMG, FAZ, EXAS, ULTA, and YOU.
Let's have a great day!
-JB