The Market hit another high yesterday, as the SPY touched $167.58, before paring gains into the close. Folks will be watching today to see if we can continue the streak of green Tuesdays, which now stands at 18. Silver and Gold bounced back from big losses overnight to finish green. All the Silver and Gold bulls were out cheering victory, yet they barely recouped losses from Friday. I am still a staunch bear in both and will look to enter the positions i posted yesterday sometime today or maybe tomorrow.
Seems the big event this week is Bernanke’s testimony in front of the Joint Economic Committee Wednesday. I’m not holding my breath for any market moving news from there, but again, folks are scraping for newsworthy items in this growingly complacent market.
Some earnings out from DKS, HD, BBY, and AZO this morning, HD continues to be a benefactor of the housing recovery and had a great quarter and raised guidance. BBY missed on revenues and is down slightly pre-market.
Solar stocks look to continue an incredible move with any stock with Solar in their name up pre-market(or so it seems).
Said it on chat yesterday and last week that I think we will continue to see some crazy moves on some stocks as folks pile into equities.
My trade from yesterday I sent via text were the May 31 BIDU 110 calls that were .14 x .16 at the time. Just so you know, the instant the text is submitted, a copy is placed in the text archive forum: https://www.optionmillionaires.com/forum/showthread.php/423-BIDU-110-MAY-31-c
You can make sure you subscribe to that thread and you will have the text emailed to you as well. A good work around for those that may be having issues receiving them.
Will keep it small today as I am holding BIDU and PCLN calls.
Here are some of the analyst changes for today:
PCLN priceline.com price target raised to $900 from $800 at Cantor |
Cantor increased its price target on priceline.com to reflect the company's acquisition of Kayak which become effective today. The firm remains upbeat on priceline.com and reiterates a Buy rating on the shares |
TSO Tesoro price target raised to $75 from $65 at Oppenheimer |
Oppenheimer increased its target on Tesoro to reflect the company's acquisition of a Carson City, CA, refinery and related assets, after regulators approved the deal last Friday. The firm believes that the deal will create significant value for Tesoro shareholders, and it keeps an Outperform rating on the stock |
YHOO Yahoo price target raised to $30 from $27 at Oppenheimer |
Oppenheimer increased its price target on Yahoo based on a higher valuation for Alibaba, and Yahoo's acquisition of Tumblr. The firm believes that the Tumblr deal is an attempt by Yahoo to strengthen its mobile and social capabilities, while adding more younger users to its platform. Oppenheimer keeps an Outperform rating on Yahoo |
FL UBS expects another Q1 top line beat for Foot Locker |
UBS said Foot Locker's strong Q1 rends in the core basketball category support upside to its +4% Q1 same-store-sales estimate. The firm is forecasting Q1 EPS of 88c vs. consensus of 87c and reiterates its Buy rating and $39 price target |
MSFT Microsoft price target raised to $40 from $33 at UBS |
UBS believes Microsoft's shares can continue to move higher driven by improved earnings visibility, cloud momentum, a bottom in PC weakness, enterprise strength, and expectations for a seasonally strong 2H 2013. As a result, the firm reiterates its Buy rating and raised its price target to $40 from $33 |
JASO JA Solar price target raised to $8 from $1 at RBC Capital |
RBC Capital increased its price target on JA Solar after the company reported stronger than expected Q1 results and shipments that exceeded guidance. The firm keeps a Sector Perform rating on the shares |
Life Technologies downgraded to Underperform from Outperform at CLSA |
CLSA downgraded Life Technologies citing the takeout bid by Thermo Fisher. Price target is $76 |
SNE Sony initiated with a Buy at Jefferies |
Jefferies is positive on Sony's positions in insurance and content and believes the company needs to exit most electronic markets. The firm started shares with a Buy rating |
Not too many analyst changes today, or at least ones I liked from what I saw. Still holding PCLN and BIDU calls and will look to get possibly get into my ZSL position as well as some RL calls for Thursdays earnings.
It looks like some higher strikes were created for ZSL, so may try the $120 calls. DUST also had some higher strikes as well, and will post in chat and private twitter if I get into those.
Here are the strikes I am watching:
Stock Ticker | Call/Put | Strike | Expiration | Closing Price | Entry Price |
RL | CALL | $210.00 | June | 0.75 | 0.50 |
ZSL | CALL | $120.00 | June | NA | 0.50 |
Lets see if the market can continue to defy gravity and the increasing number of skeptics.
Lets have a great day!
- JB