Markets closed mixed on Wednesday, with the S&P closing flat, the Nasdaq finishing in the red, while the Dow finished up .44%. Asia markets closed mostly lower overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a slightly lower open, the Dollar, Yields, and Oil are higher while Gold is lower.
And here is my rant from yesterday: https://www.optionmillionaires.com/jb-pre-market-rant-may-8th-2024/
The S&P closed flat in a choppy trade, with a late day pull erasing the days gains. As I mentioned on yesterday's watchlist, some consolidation between $518.50 and $512.50 bodes well for more upside in the coming weeks. There is really not much in the way of market catalyst until the CPI data on the 15th. Would like to see the SPY retest that $518.50 handle today and hopefully close back in the green:
And would like to see some strength in small-caps today after their first red session in 6 days on Thursday:
DELL finally broke that $130 handle and I went and added some spec calls. Think DELL is set to retest the 52 week highs and possibly break $140 in the coming days. May look for some strikes into next week to play for that move:
CDLX reported a mixed bag of earnings after the close yesterday while also offering up some conservative guidance.... the market did not like the news. The stock is tumbling over 30%. Doesn't make sense to me and probably makes for a good reason to not add any more positions on this one until there is more clarity. Thankfully riding freebie June strikes but the May calls will be bidless at the open and will need some major catalyst before next Friday to come back to life. Makes for a frustrating morning:
IIPR reported their earnings/update yesterday, which was a beat but showed a small revenue decline. They also said they added 4 more properties. The stock is trading off a bit in the pre-market. Don't think the story has changed and it will reverse course. Just like CDLX, thankful to have locked in my May strikes for nice gains. Will continue to hold my June calls and may look for later dated strikes if the stock reverses course this morning:
I added more TERN calls yesterday... sure enough the company comes out with leadership changes after the bell. Don't think they are negative at all but anytime a company changes leadership, especially one with no revenues and early stage studies, the market tends to be cautious. Still love the TERN setup here and think it will recoup the morning losses. I was actually looking at Oct strikes yesterday, may revisit those today if the stock can't find a bid. The long-term story has not changed to me:
Don't look now but FVRR is back on my radar. They recently announced another buyback and then posted a strong beat and raise this morning. They also mentioned tailwinds from AI. I may look at some later dated calls for a move to $25+ in the coming days and $30+ in the coming weeks:
No material updates from VKTX's fireside chat with BTIG last night. Still eyeing some higher strikes... will wait for that $80 handle to break and hold:
STAA reversed course after the open yesterday, closing down 12% despite a great Q. If it finds any footing today, may look for some calls too play for a move back over $45:
Still eyeing ADBE here for some calls into next week and possibly BIDU, which is going the opposite of the last two days and gapping higher this morning:
And here is what I am watching today: FVRR, 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