Markets closed higher to start the week, with the S&P adding .67% in a choppy session. Asia markets closed mixed overnight while Europe indexes are mostly lower this morning. U.S. futures are pointing to a red open, the Dollar, Yields, and Oil are higher while Gold is lower.
Markets opened at highs on Monday, only to nearly give it all back by 11am. Stocks found footing for the rest of the day to recoup most of the morning losses - a market chop of sorts. Yesterday pretty much epitomizes the market action of late. Hard to see things changing anytime soon but tomorrows CPI data and Thursday's retail sales and PPI data could be a start. It was good to see the SPY reclaim the 50dma yesterday and looks like it will be tested this morning. Hopefully that holds heading into tomorrow and the SPY can start working its way into the $450s. AAPL also has its annual iPhone release event at 1pm today. Don't think there will be much in the way of surprises but something to be aware of:
DIS and CHTR announced a deal ending their dispute yesterday. DIS has been trading near multi-years lows as it faces issues with its parks and pressure from venturing into the political arena. At some point DIS will find a nice multi-day bounce and figured the news yesterday could be the start of a move to $86+. I went and added some calls and may look at some strikes into next week if the stock starts breaking over yesterdays highs:
I also finally added some GNRC calls. The demand for power is not going to wane, and the issues GNRC had with costs/supplies should improve... not to mention the recent natural disasters and the potential for some more hurricanes in the coming weeks should help revenues. I think this trades into the mid-high $120s in the coming days and may look for some later dated strikes on this one as well:
A great day for TLRY yesterday, closing up nearly 10%. Still think $5+ in the coming weeks so will continue to hold my calls:
Thought yesterday would be the day IIPR breaks into the $90s. Looks like I will have to wait one more day. Still like IIPR for triple-digits in the coming weeks:
Both WW and VKTX were gapping higher yesterday but then posted some lackluster sessions. Not much commentary to add. Still think $WW is $12+ soon and VKTX is headed into the $20s in the coming weeks:
Would have liked to see BIDU break and hold the $140 yesterday, It is gapping higher this morning. $140+ should come today and I think much higher in the coming days:
Still eyeing U and ISRG today as mentioned on yesterdays watchlist. U could be an under-the-radar name with the AAPL event today.
Also adding OKTA and WIX to the watchlist. If OKTA breaks that $92 handle, could see a blue-sky move to $100+:
And WIX looks poised to retest $100. Starboard, who a 9% stake in WIX, came out with some positive comments on GDDY this morning. Have to think names in the space rally today:
And this is what I am watching today: OKTA, WIX, 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