Markets closed lower on Tuesday, with the S&P losing .57%. Asia stocks closed mostly lower overnight while Europe indexes are in the red this morning. U.S. futures are pointing to a slightly open as I write this. The Dollar, Yields, and Oil are higher while Gold is lower.
Markets chopped around again on Tuesday, with the SPY testing lows in the morning, bouncing to highs into the afternoon, only to sell off into the close. This morning, CPI data came out mostly inline with expectations. Think if it was a big miss, markets would have tumbled. Futures fell after the initial release but have reversed course. Markets should find some support today ahead of retail sales and PPI data tomorrow. Hate to see bad retail sales numbers, but if they come inline or miss expectations, could have another green day tomorrow. That 50dma is looming at $447. Hopefully can close above that today and work on the $450s into the end of the week:
I added some U calls as outlined on yesterdays watchlist. The stock rallied in the morning up to its 50dma of $39.97 before giving back some of the gains to close up 2.5%. Think a move into the low $40s is coming this week and may actually look to add some other strikes into next week if it can break that 50dma:
DIS rallied out of the gate yesterday, reversing my calls into the green. I did not want to see those go red again so locked my weekly calls in for some small profits. DIS remains a divisive name so will continue to be volatile. Will be watching for other opportunities to play it for a bounce north of $86:
Rough sessions for WW and VKTX. WW went up and tested that $11.30 handle from Monday then found sellers to close at $10.85. They spoke at the Baird Healthcare conf yesterday evening and will speak at the Morgan Stanley Healthcare conf today at 3:25pm. Haven't had a chance to listen to the first which was the CFO. The CEO will be speaking today so could be more impactful Will update when I get the chance:
BIDU broke into the $140s yesterday morning, before giving back the gains to close flat. Still like this one for much higher in the coming weeks:
GNRC closed off 1%. Will need to find some buyers here today with $115.67 being the key level:
The cannabis sector found some sellers yesterday. IIPR traded off nearly 3%. It closed higher in 10 of the past 12 sessions so some profit taking was coming at some point. Still like for $90+ this week and $100s in the coming weeks:
Still eyeing OKTA and WIX calls. Both closed red yesterday:
And this is what I am watching today: U, OKTA, WIX, ISRG, 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