June 6, 2022

Markets:

Stock futures jumped Monday as Wall Street tried to rebound from a losing week.

Sentiment got a boost early on after Beijing rolled back some Covid-related restrictions. Meanwhile, The Wall Street Journal reported that Chinese regulators are wrapping up their investigations into ride-hailing giant Didi — potentially signaling that the country’s crackdown on its tech sector may be coming to an end.

Investors have been grappling with fears that the central bank could raise interest rates too fast and too much, causing a recession. Recent statements from the rate-setting Fed members indicate that 50 basis point — or a half-percentage-point — rate increases are likely at the June and July meetings.

The U.S. economy added 390,000 jobs in May, which came in better than expected despite fears of an economic slowdown and amid the roaring pace of inflation.

The stock market has had a volatile year with the major averages pulling back double digits from their record highs. The S&P 500 is off by 14.7% from its all-time high reached in January. The equity benchmark briefly dipped into bear market territory last month.

Shares of Amazon rose 1.5% in premarket trading ahead of the first trading session since a 20-for-1 stock split.

 

Portfolio:

We enter the new trading week holding positions in GOGL, DKNG, GLNG, and ITRM.  Absolute wild swings from Friday through today's pre-market.  This is why Friday's have become a tough to add unless you have an A+ setup taking place.  With the queue igniting early on this morning, we will be looking to add a new set-ups or two today. We do want to watch price activity early on and see if we fade.  Should be an exciting week and few months ahead. Be ready today!