Last week was a rough one for stocks, with the S&P falling over 1% while small-caps tumbled nearly 4%, with better than expected economic data to blame. Asia markets closed mixed overnight while Europe indexes are mostly in the green this morning. U.S. futures are pointing to a higher open, the Dollar and Oil are lower while Yields and Gold are higher.
And this is what UPB is reading this morning:
Always such a sad day:
Futures are pointing to a higher open this morning ahead of a week filled with more economic data. Wednesday will be the big one with CPI data and retail sales numbers. Thursday we get the PPI. The market seems to be more sensitive to positive data as of late, so would want to see the inflation numbers come in at least flat or we cold see more selling. The SPY closed right under that 50dma on Friday. Would like to see a close above that $446.881 handle today and tomorrow which could bode well for a move back into the $450s Wednesday. Higher than expected inflation or retail sales data and that $440 handle on the SPY will come into play. Hopefully that does not happen:
VKTX started breaking out from an extremely tight setup on Friday, closing up over 8% on no news. I used the move to add more calls, this time some Jan strikes. Call me crazy, but think VKTX trades into the $20s very soon. Some reasons why:
And the chart:
WW gave back some of Thursdays gains, closing down 2%. Think $12+ this week. Not adding anything more just yet:
Only a matter for time before IIPR breaks into the $90s. Hopefully a big move this week as the rest of my Sept strikes expire Friday:
BIDU is gapping higher this morning... finally. Hopefully can find some footing above that $140 handle and rally this week if the markets cooperate:
AAPL will be announcing its new phone lineup tomorrow. The stock was down nearly 6% last week on China news. Certainly could help put a bid back in. Not likely to trade AAPL here but still like U as a play on AAPL after their Vision pro announcement. Once that $40 breaks, should trade to the mid-high $40s quick, will be eyeing calls today:
And lastly, ISRG gave back most of the previous weeks gains, closing back under $300 on Friday. If it can find support today, think another test of $320 comes quick:
And this is what I am watching today: ISRG, U, VKTX, IIPR,, BIDU, WW, ROKU. LULU, GNRC, ULTA, GLD, GLL, LRCX, NVDA, ALGN, CMG, QQQ, SPOT, TEAM, BLK, IBM, and NFLX.
Let's have a great day!
-JB