Stocks closed slightly higher on Wednesday, with the S&P adding .12% after CPI data came in mostly inline. Asia markets closed in the green overnight while Europe stocks are up this morning.U.S. futures are pointing to a higher open, the Dollar and Gold are lower while Yields and Oil are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-321/
Markets chopped around in another tight range yesterday, after CPI data came out mostly inline with expectations. This morning PPI data came in hotter than expected and retail sales came in above expectations. Futures are paring gains as I write this. Hopefully today will mark the end of this 'good news is band news' cycle. The SPY is gapping above the 50dma this morning. Would want to see that hold today into tomorrow:
Small-caps are also at a key spot here, testing the 200dma. If the markets finds pressure at the open, I may look to add some TZA calls as a hedge here:
U tumbled yesterday, falling over 5%, after they announced a new developers fee on their blog. Bad timing for my calls. Don't think it changes the story much though folks are selling the name thinking some will switch off the platform, which I think is unlikely. Will keep on watch:
WW presented at the MS Healthcare Conf yesterday afternoon, with the CEO and CFO both present. Simi, the CEO, did not offer much in the way of new updates, but did say Oprah will be having a discussion on weight health, $WW, and GLP_1 drugs next Wednesday:
https://www.oprahdaily.com/life/health/a44964375/oprah-weight-loss-obesity/
Have to think that will provide a boost. The stock traded down to $10.25 yesterday before finding a late day surge to close nearly flat. Still think $12+ soon:
Another rough session for GNRC, closing off over 2%. Gojng to need a huge rally today and tomorrow for my calls to come back to life. Still like the story here and may look for some strikes if the $110 handle holds today:
BIDU is gapping higher this morning. Needs to reclaim that $140 handle with next resistance at $142 or so:
TLRY remains volatile, testing the $2.78s yesterday before closing at $2.94. Will need to get back over $3.40:
Still eyeing WIX, OKTA, and ISRG:
Can see ISRG retesting that $320 handle:
This OKTA setup is really nice with consolidation after its earnings gap and run. $100+ likely here:
And lastly, WIX. Think this tests the triple-digits again soon:
And this is what I am watching today: TZA, WIX, OKTA, ISRG, GNRC, U, VKTX, IIPR,, BIDU, WW, ROKU. LULU,,, GLD, GLL, LRCX, NVDA, ALGN, CMG, QQQ, SPOT, TEAM, BLK, IBM, and NFLX.
Let's have a great day!
-JB