Index and Earnings Options Play List for 3/9/2017 Index and Earnings Options Play List for 3/9/2017

Tech Holds Up in Mixed Session

8:00am (EST)

The selling pressure got slightly worse into Wednesday's close with the major indexes going out near session lows. Tech held positive territory while the other indexes pulled back while holding near-term support. Today's action could be more of the same as Wall Street awaits tomorrow's jobs number due out before the opening bell.

The Dow dropped 69 points, or 0.3%, to end at 20,855. The blue-chips opened higher but stalled at 20,951 and resistance at 21,000-21,200. The backtest to 20,835 held lower support at 20,900-20,800 holding. Backup help is at 20,600-20,550 on a move below the latter. The lower highs and lower lows throughout the week are a slight concern.

The S&P 500 slipped 5 points, or 0.2%, to finish just under 2,363. The index made a 5-point run to 2,373 but easily failed resistance at 2,380-2,385. Fresh support at 2,260-2,250 held on the fade to 2,361. A close below the latter would be a bearish development.

The Nasdaq added 3 points, or 0.1%, to settle at 5,837. Tech held positive territory throughout the session with the high reaching 5,860. Lowered resistance at 5,850-5,875 held and a level I would like to see cleared ahead of the weekend. Support remains at 5,825-5,800 and levels that have since mid-February.

The Russell 2000 gave back nearly 9 points, or 0.6%, to close at 1,366. The small-caps made a run to 1,381 with fresh resistance at 1,385-1,390 easily holding. Fresh support at 1,360 held by a nickel following the late day dip to 1,365. However, it was the 2nd-straight close below the 50-day moving average.

The S&P 500 Volatility Index ($VIX, 11.86, up 0.41) traded down to 11.09 shortly after the opening bell with upper support at 11-10.50 held for the 3rd-straight session and the close above 11.50 was a yellow light. Resistance is at 12.50-13.50.

Agile Therapeutics (GRX), Bankrate (RATE), Energous (WATT), Sunrun (RUN), Tailored Brands (TLRD) announced earnings after Wednesday's close. (CRCM), Embraer (ERJ), FuelCell Energy (FCEL), Peak Resorts (PEAK), Staples (SPLS) are reporting numbers this morning.

Our top triple-digit and winning option recommendations for 2017:

+300% Kate Spade March 20 calls (March 2017)

+244% Starbucks February 57.50 puts (February 2017

+173% Alibaba February 100 calls (January 2017) +100% PowerShares QQQ ETF February 122 calls (January 2017) +100% Array BioPharma January 8 calls (January 2017)


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3/9/2017 comments:

Big Lots (BIG, $51.80, down $1.77)

April 47.50 puts (BIG170421C00047500, $0.80, up $0.20)

Profiled Price: $1.20 (3/2/2017)

Exit: $2.40

Profit: -25%

Stop: None

Thoughts: Fresh support is at $51.50-$51. Resistance is at $52.


3/9/2017 comments:

Amicus Therapeutics (FOLD, $7.01, down $0.68)

April 8 calls (FOLD170421C00008000, $0.30, down $0.30)

Profiled Price: $0.60 (3/6/2017)

Exit: $1.20

Profit: -50%

Stop: None

Thoughts: Resistance is at $7.75-$8. Support is at $7.50-$7.25.


Upcoming Earnings


After the close: Autobytel (ANTL), Freshpet (FRPT), Finisar (FNSR), Salem Communications (SALM), VeriFone Holdings (PAY), Zumiez (ZUMZ)


Before the open: Buckle (BKE), Century Casinos (CNTY), Hibbett Sports (HIBB), Kirkland's (KIRK),

3/9/2017 comments:

Hibbett Sports (HIBB, $28.20, up $0.70)

April 25 puts (HIBB170421P00025000, $0.55, down $0.15)

Thoughts: We like these put options to play an earnings miss. Wall Street is looking for a profit of $0.54 a share on revenue of $252 million. The company missed estimates by 8 cents last quarter.