Futures are pointing to a red start the week, with the S&P set to open down .17% as I write this. Asia markets closed mixed overnight while Europe indexes are in the red this morning. The US dollar is lower while Yields, Oil, and Gold are higher.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-322/
Last week was a rocky one for markets. Stocks seemed to find footing after inflation data came mostly inline and the S&P was heading into Friday up over 1%. It then gave back all those gains and then some to close the week off .17% This is another big week with the Fed decision due out on Wednesday followed by Powell's press conference. The market is giving a 99% probability of no hike at this meeting and then a 33% probability of one more hike before the year is out, either at the November or December meeting. Hopefully Powell can quell some concerns and the market can find some footing. The next few days are historically red ones, so things could get dicey if the Fed disappoints:
https://x.com/RyanDetrick/status/1703543887145386113?s=20
The SPY closed back under that 50dma Friday. Would like to see a close back above that in the coming days or I fear the $430s are coming:
I added more GNRC calls on Friday. The stock came down and found support at its lower Bollinger band. Think a move near $120 is possible this week if markets cooperate:
I also added more U calls. The stock held green despite Fridays sell-off. $39+ should come quick this week, and likely higher:
WW closed down 1.6% on Friday. Oprah will be speaking on Wednesday. Think it can only bode well for WW and bring attention to the market opportunity WW has with GLP-1 solutions. Only a matter of time before it revisits $12 and beyond:
IIPR also closed green on Friday despite the market weakness. Almost looks like a bull-flag is setting up, which would imply another $5+ from here in short order:
Small-caps are back on watch. They have been toying with that 200dma since mid-August. If that breaks, could see a quick 5% or so pull. TZA calls will be my hedge on a 200dma break, and will be watching closely today and this week:
VKTX finished in the red every day last week. If there is a silver lining, it did hold its 50dma at $14.60. The story has not changed. Will continue to hold my calls for data coming next Q:
Still eyeing WIX, OKTA, and ISRG on the call side. May look at LULU and ULTA as put plays on market weakness.
And here is what I am watching today: TZA, LILU, ULTA. WIX, ISRG, ALGN, SPOT, NFLX, ROKU, OKTA, GNRC, VKTX., GLD, GLL, LRCX, NVDA, CMG, QQQ, and TEAM.
Let's have a great day!
-JB