Stocks closed mixed to start the week, with the S&P squeezing out a .03% gain while the Dow closed down .17%. Asia markets closed mixed overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a lower open, the Dollar and Oil are lower while Yields and Gold are higher.
It was a chop session on Monday, with the S&P trading between $411 and $413 for the entire day. Tomorrow we get the April CPI numbers and Thursday we get the PPI numbers. The CPI could give the market some direction this week... cooler than expected and would think that $420 handle comes on the SPY. Anything unexpected to the upside on CPI or PPI and things may get a bit dicey. Don't think that will be the case... That $410 area is still key support on the SPY and think that $415 break is coming soon:
I added some YOU calls yesterday. They reported earnings this morning that bested estimates while also raising guidance:
YOU is such a great story. They are the future of events, travel. and much more...
The company has no debt, $780 mil in cash, an active stock buyback program, and issued a dividend... yet somehow sports a 20% short interest. One of these reports will send it as the shorts throw in the towel. May look for some later dated strikes if the stock fails to find a bid today:
EDIT churned yesterday, closing down 1% after its huge move on Friday. Still like this for a break into the double-digits:
A rough session for WW. The stock rallied to $10 only to give the gains back and them some. Such a highly shortened name and folks take advantage of the weakness. Still like this for $10+ and will look to add more calls on weakness:
It was a boring session for VKTX, with the stock closing flat. I will be looking to close the last of my May calls this week and just hold the June/July strikes:
Another solid day for WIX. Once it gets over $80, will look to take some calls off to cover costs and hold the rest into earnings:
BLK looks interesting again, may grab some spec calls for a move above $670 in the coming days:
SAGE rallied nearly 5% yesterday on no news. The bull-flag setup that looked negated last week seems back in play. $55+ should be coming soon:
Still eyeing MASI and EXAS for some possible spec calls ahead of earnings thus afternoon.
And this is what I am watching today: BLK, 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!