The futures are slightly in the green territory as of now…but they’re fairly flat. [S&P +3.00 Nasdaq +6.00 Dow +59.00]
- Economic data this morning was decent; nothing warranting a real heavy push
- News cycle seems to be pushing the tech sector up, with $BABA offering on the Chinese Market being reannounced today and several Chinese companies receiving upgrades today. Beyond Ali-Baba, $BIDU $YRD and $JD are also up pre-market. You might want to try to catch upside on these via $FXI…or for individual names $BABA and $BIDU should be the leaders of the pack today.
- Notable upgrades & earnings out include:
- $FDX Maintained at Outperform and PT Raised to $280
- $ASUR Reports record 4th quarter & raises guidance
- $AVGO PT announced at $340 by BAC
- $QRVO Cut to Underperform from Neutral by BAC
- $NTNX PT Raised to $58 [from $45] at Raymond James
- $ZION upgraded to outperform from market perform at Raymond James
- Notable News from a report on The Video Ad-Sector says the industry has seen a 31% drop in fraud rate. This should move bode well for $GOOG $FB $TWTR $SNAP & $TTD amongst others
As for the trading the market today…be careful with monthly options expiring tomorrow. Typically, to play on retail sentiment, they’ll drive the market up at open, let it fade and idle for a while, then start buying to build bullish sentiment into the close. That might not happen today, but it’s something to watch for.
If you have any short-dated bullish options positions, I’d consider taking some profit off if the day goes as stated above…let’s wait and see.
My favorite options flow from yesterday include: