Markets closed slightly higher on Wednesday, with the S&P adding .16%. Asia stocks closed mostly lower overnight while Europe indexes are mixed this morning. U.S. future are pointing to a slightly lower open, the Dollar and Gold are higher while Yields and Oil are lower.
And here is my rant form yesterday if you missed it: https://www.optionmillionaires.com/jb-rant-november-15th-2023/
Markets chopped around on Wednesday, with the S&P trading between green and red for most of the session before closing slightly in the green. A good sign considering Tuesday's rally. This morning futures are pointing to a lower open with WMT's disappointing guidance seeming to weigh although weekly jobless claims came in higher than expected so could help bid up the market. The bigger headlines from yesterday was Xi's meeting with POTUS and then XI's speech in front of many U.S. executives. If anything, should help alleviate worries that World War 3 is coming. The S&P is up another 2% so far this week and looking for a 3 week winning streak. Would not be surprised to see a bit of consolidation today and tomorrow into the weekend. The upper-bollinger band on the SPY is $451.47 and was tested yesterday and Tuesday. Looks like key resistance for now with $447 or so support if things get dicey today:
TRIP rallied over 7% yesterday on no real news or catalyst, although EXPE rallied as well. I used the move to close the last of my Dec $18 calls for over 300% and some of my Jan strikes for strikes for over 100%. And also added some higher/inexpensive Dec strikes. Think TRIP is headed over $20 in the coming days:
And long-term view:
BIDU also rallied, closing up over 3%. I used the move to close most of my weekly strikes for over 100% and 200% and added some calls into next week for earnings. BABA reported a rough Q this morning and it is weighing on most of the China ADR's. Will look to close the last of my weekly strikes out today and hold the calls into next week:
FVRR closed up over 6% yesterday and my Nov strikes are back to life. I also went and added some Dec calls. A good sign the stock has reversed its post-earnings move... likely means sellers are done and the market can start pricing in future growth:
Same with YOU. Think $25+ soon:
AVAV closed in the red for the first time this week, still think $130+ soon. Will be looking to close the last of my Nov strikes out today/tomorrow:
ADBE just couldn't find any footing yesterday closing down 1.49%. Will need a huge move today and tomorrow for my calls to come back to life. Will definitely be on the watchlist going forward as I think $630+ is coming:
Still eyeing some lotto calls into tomorrow in names like RBLX, ROKU, and SPOT.
And here is what I am watching: TGT, FVRR, RBLX, AVAV, ROKU, SPOT, NFLX, DIS, EXAS, AAPL SQ, WW, MA. MDB, AZO, LRCX, LULU, LLY, NVO, TWLO, AZO, ULTA, ORLY, NOW, SITE, MELI, AVGO, WIX, OKTA, CMG, QQQ, BLK and TEAM.
Let's have a great day!
-JB