December 22, 2021

Markets:

Stock futures pointed to consolidation for Wall Street on Wednesday, after a whipsaw start to the week that has seen major indexes surrender sizable gains, only to claw them back, amid COVID-19 pandemic-related newsflow.

Tuesday’s rally marked the best daily percentage gain for the S&P 500 and Nasdaq Composite since Dec. 7, and gains more than made up for Monday’s selloff. But the Wall Street rebound was followed up by mostly lackluster trading in Asia and Europe so far.

Investors took heart Tuesday from comments by President Joe Biden, who rolled out a plan to tackle the highly contagious omicron coronavirus variant, with 500 million free testing kits and a promise there would be no March 2020 style lockdowns.

As a shortened week winds down, investors will be dealing with a heavy batch of economic data. Revised U.S. third-quarter gross domestic product data are due at 8:30 a.m. Eastern Time, with the Conference Board’s consumer confidence survey and existing home sales coming at 10 a.m. Eastern. Thursday will see another big data dump.

Portfolio:

We enter the session holding positions in PETV, MTTR, PSFE, F, and continue to hold ITRM.  Today, we look for continuation of yesterday price activity.  This would be very important for the short-term path in the market and remove us from whip saw type of price activity.  Please be on alert today and be ready as we will have updates and potential new trade alert.  The portfolio enjoyed a strong day yesterday and allowed us to book mutiple profits!  Today we look for further movement.