SPDR S&P500 ETF (SPY) – Recap
We went bullish on the SPY in our premarket report yesterday, and thanks to two distinct intraday pushes for the markets, there were opportunities across the board for our highlighted contracts throughout the session.
Those targets were the daily SPY 03/18 $281-282 Calls, and we saw significant moves from all three. The $281.50 Calls traded in a range from .34-1.06 for an overall upswing of 212% while the $282′s traded up from .15 to .58, a gain of 287% (We mistakenly lost exact data for the $281 calls, but the gain opportunities were very similar to those of the other two strike points.)
The Michaels Companies, Inc. MIK
We also want to signal a set of contracts on MIK, which was the one listing on this morning’s earnings calendar that jumped out to us the most. Michaels posted an earnings beat, but also happens to be trading near its annual lows.
We’re going to approach this like we would any other play with bottom-bouncer written all over it, by signaling some longer-term calls to give ourselves some extra time to see the recovery play out. We’re going to radar the MIK 04/18 $12.50 Calls and monitor their activity in the days and weeks ahead.
STNE 04/18 $37.50-39 Calls
FPAY, CPST, INSY, TROX, CPST, NCTY, SDRL, CREG, LGCY, AKER, PIR