Markets closed lower again on Thursday, with the S&P dropping 1.18%. Asia stocks were green overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a higher open as I write this, the Dollar, Yields, and Oil are higher while Gold is lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-345/
It was another rough session for markets on Thursday, with the S&P falling over 1%, despite some bounce attempts, after a stronger than expected GDP number. This morning PCE data came out mostly inline with expectations... finally a data point that doesn't give the Fed ammo to raise rates. The markets reaction today will be key... if stocks can bounce, then maybe we finally get a bottom. If not, then I worry that $400 will break soon on the SPY. AMZN reported a great Q after the close yesterday, would think that would bode well for sentiment. Will be watching $415-416 as possible resistance with $409 being the next area of support:
I added some V puts yesterday. V reported a great beat and raise on Tuesday but then MA reported a mixed bag yesterday. I think at some point these 3rd party processors will be at severe risk from competition/disruption. I was able to close most of the puts for 80% and 100% and held a few into today. I will look to close the last at the open and may look for some puts into next week to play for a move into the low $220s:
MDB chopped around yesterday, testing $321 before closing at $327. I was able to close the rest of my puts for over 500%. If the market fails to find a bid today, I may look to revisit for some spec puts to play for a move under $320:
SHW closed right at lows yesterday despite continued positive analyst commentary. Still think $220s are coming soon:
LRCX closed flat yesterday. Will need a big move today for my puts to come back to life. Will likely not add anything today and revisit:
AVAV closed off 5% yesterday on no news or catalyst. Still bullish the name and may actually look to add more strikes today:
Will continue to keep things small today with my eyes on some possible spec/lotto trades.
And here is what I am watching today: V, MA. MDB, ALGN, WW,, AZO, LRCX, LULU, MDB, 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