Markets closed in the red yesterday, with the S&P losing .81% to put an end to an 8 session winning streak. Asia stocks closed lower overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a higher open, the Dollar, Yields, and Gold are lower while Yields are higher.
Stocks chopped around yesterday in a tight range until the 1pm hour, when Powells comments at an IMF round-table came out hawkish - the irony is only a week ago his comments were construed dovish. There was also a rough bond auction. Stocks fell into the close and the S&P ended its 8 session wining streak. Seemed like folks needed an excuse to take some profits. Today's action will determine a lot of the weekend chatter - was the 8 day rally just a relief bounce or is it sustainable? Small-caps continue to be under-pressure and are now down over 4% this week. A good sign if that $167 area can hold today on the IWM:
And of course, watching that 50dma on the SPY today if stocks find sellers:
I added some lotto U calls into the close. The stock has been decimated since its pricing fiasco a few months back and figured a bounce was in order. Sure enough, the company posted a miss and did not release any guidance for Q4 as it seems the move to raise prices alienated some developers. The stock is gapping lower in the pre-market. Likely a name I will remove from the watchlist for now:
I also added some BYND calls as the stock looks to reverse a multi-month downtrend after the company reported a relief quarter. Think a move north of $8 is coming in the next few session:
And lastly, I added some FVRR calls after its earnings. The stock had reversed morning losses and trade into the green before heading back down to close off 5%. Think this trades north of $25 in the coming days:
WW closed off over 3% yesterday and has been struggling trying to break its 200dma. Once that $7.70 breaks, should be off to the races:
Rough sessions for TRIP and YOU, with both stocks giving back more of their earnings gains. YOU closed right at its 50dma so would want to see that hold today:
Thankfully closed my RBLX and TWLO calls for some gains this week but still have some TWLO calls into next week. The stock gave back almost all of its pre-morning gains. Going to need a big rally into next week for those to come back to life:
May look at some lottos calls today in ROKU and SPOT but will otherwise look to keep things small. ROKU is down after a rough Q from TTD...
And here is what I am watching today: ROKU, SPOT, NFLX, AVAV, DIS, EXAS, AAPL SQ, WW, MA. MDB, AZO, LRCX, LULU, ROKU, PPG, TZA, LLY, NVO, TWLO, AZO, ULTA, ORLY, NOW, SITE, MELI, ADBE, AVGO, WIX, OKTA, CMG, QQQ, BLK and TEAM.
Let's have a great day!
-JB