Markets closed slightly in the green to start the week, with the S&P adding .07%. Asia markets closed mostly lower overnight while Europe indexes are higher this morning. U.S. futures, Oil, Gold, and Yields are higher while the Dollar is lower.
And this is what UPB is reading this morning: https://www.optionmillionaires.com/morning-reads-323/
It was another annoying chop session on Monday, with stocks heading to highs by lunch only to give back the gains to close mostly flat. All eyes will be on the Fed tomorrow with their statement out at 2pm and a press conference at 2:30pm. Expectations are for the Fed to stand pat this meeting so any surprise hike or cut and the markets will have some wild swings. As mentioned yesterday, we are also in the midst of a historically poor performing time for markets, so something to be aware of. Think we need to reclaim that 50dma at $446 on the SPY in the coming days or the low $430s come quick:
I finally added some LULU puts, more so as a hedge for possible downside, although I think LULU can continue to drop even if the markets rally. It came right under its 50dma right at the close before a last minute bounce. It breaks and holds below $382 and I think a retest of the $360s is coming:
Was eyeing ULTA puts as well. Again, somewhat as a hedge, but think it can also continue to fall even on market strength. ULTA is nearing that $402 low from June, that breaks and $380 comes quick:
I added more ISRG calls yesterday. The stock opened up on nice volume and ticked higher on no news to speak of, just like it did in mid-August. May look to add some other strikes today if it breaks yesterdays high of $303.80. Think $315-$320 possible in the coming days:
WW announced some news this morning:
https://x.com/OMillionaires/status/1704104513634701556?s=20
Tomorrow after the close we get Oprah. Only a matter of time before it is $12+ again and then $13s in the next week or two(if not higher) as hype grows:
Make it 6 red sessions in a row for VKTX. Yesterday it broke its 200dma and the sellers came in. The story has not changed, so will continue to hold my positions and wait to add any more strikes:
GNRC bounced again at its lower Bollinger band to close at $110. Will need to find some buyers soon for my calls to come back to life:
A rough few days for U the stock, and U the company, They had a PR fiasco by posting on a blog announcing publisher fees which received backlash, Yesterday they said based on the feedback they may not go ahead with the fees and will announce a decision soon. Just a horrible way to execute as a company and the stock tumbled. I like well run companies and this fiasco wreaks of poor management. I will likely stay away from U in the future despite what I think is a great platform with continued future potential.
Kerrisdale Capital came out yesterday with a short piece on TLRY. This is the same people who went short on AI twice - once at $20 and once at $35. And also went with a short piece n CVNA in June when it was $12, it just closed at $52 yesterday so they have an over 400% loss on the short side. They say the company has been diluting shareholder - duh -, and claimed the recent acquisition of craft brands from BUD was a bad deal since those beers are in decline - duh again. TLRY is not acquiring those brands for growth, they need it for distribution and need existing brands that have brand awareness awareness to eventually role out CBD infused beer. These bears always cite profits... as if all growth companies focused on future growth should give up those hopes to focus on profits. By the time they are profitable the market passes them by. Either way the shorts took charge and pushed TLRY back to its 200dma. I still think like the name despite the report but will wait for the dust to settle before adding more:
If the markets fail to find footing I will be looking at TZA calls as another hedge.
And this 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