June 24, 2022

Markets:

Stock futures gained Friday as Wall Street looked to grind out a rare positive week in what has been a rough first half of the year.

The moves in futures come as the stock market appears to have found some stability this week, at least for the short term. After an afternoon rally on Thursday, the S&P 500 is up 3.3% for the week, while the Nasdaq Composite is up 4% and the Dow is 2.6%.

Volatility on Wall Street could be elevated Friday, as FTSE Russell completes its annual index rebalancing, shifting the makeup of tracking indexes that contain trillions of dollars. Rebalancing days are typically accompanied by heavy trading volumes as well.

Economic data will be a key focus ahead, as investors try to determine if the U.S. economy is falling into a recession. New home sales data is due out at 10 a.m. ET and the final University of Michigan consumer sentiment report for June will follow later in the day.

The consumer sentiment reading could be particularly important for investors, as Federal Reserve Chair Jerome Powell said that a surprise drop in the preliminary reading was one of the reasons the central bank hiked its benchmark interest rate by three-quarters of a percentage point earlier this month.

Portfolio:

We enter the last trading session of the week holding only positions in ALLY, APPS, SIGA, CONN, and holding itrm. Very nice day for us yesterday and we cannot wait for next week and all the opportunities that will present itself. End of month and end of quarter trading. Many will position themselves for the summer and opportunities are igniting as we have some chasers! We love this time of year, and this summer is setting up to be a great one filled with opportunities!