Markets rallied on Thursday, with the S&P adding .84%, as retail sales numbers and PPI data helped ease worries that the recent positive data was the start of a new uptrend in inflation. Asia markets closed solidly higher overnight while Europe indexes are in the green this morning. U.S. futures are pointing to a flat open, the Dollar is lower while Yields, Oil, and Gold are all higher.
Markets finally found some footing and rallied yesterday as the PPI data and retails sales numbers alleviated some concerns that inflation may be on the way back - a sigh of relief of sorts. The S&P is now up over 1% on the week and is looking strong heading into next weeks Fed Meeting. Today is triple witching for options, with monthly strikes set to expire. Folks are saying today will be the largest expiration 'dollar wise' on record. Could cause some mild swings. I think it will be a win today if the SPY holds its 50dma with that $451 area being possible resistance:
It was a great day for WW, with the stock finally breaking over that $11.30 handle. It tested $12 by late morning before closing at $11.56 and up nearly 7%. They presented at an MS conference Weds afternoon and there is also hype from Oprah set to speak on weight loss drugs on Sept 20th:
https://www.oprahdaily.com/life/health/a44964375/oprah-weight-loss-obesity/
Oprah is still a director of WW and a stakeholder. Have to think this could be the spark for the next leg to $15+
IIPR announced their $1.80 quarterly divy this morning. A good sign there was no reduction in the amount. The ex-divy date is Oct 13th so something to be aware of. Hopefully gets some legs and can close over $90 in the weekend:
It has been a rough two session for U with the stock closing off another 3% yesterday. This morning the stock got an upgrade from BofA. Could be the kick it needs to get shares back to that 50dma of $40(and possibly above). May look for some calls into next week:
GNRC came down to the the lower Bollinger band at $110 before bouncing. Hopefully the bottom here. My weekly calls are shot but may also look for some strikes into next week:
May also look at some lotto trades today in names like ALGN, ISRG, SPOT, and even NFLX.
And here is what I am watching today:U, WW, VKTX, GNRC, WIX, ISRG, ALGN, SPOT, NFLX, ROKU, WIX, OKTA, GNRC, VKTX. LULU, GLD, GLL, LRCX, NVDA, CMG, QQQ, and TEAM.
Let's have a great day!
-JB