July 7, 2022

Markets:

U.S. stock futures were slightly higher on Thursday morning as Wall Street looked to build on a modest winning streak.

Dow Jones Industrial Average futures ticked up by 158 points, or 0.51%. S&P 500 and Nasdaq 100 futures were up 0.38% and 0.43%, respectively. The S&P 500 on Wednesday posted its first 3-day winning streak since late May. The benchmark is on pace for its second positive week in 3 and now sits about 20% off its record high.

On Wednesday, the S&P 500 posted its third straight day of gains following the release of the June meeting minutes from the Federal Reserve. The broader market index added nearly 0.4%. Meanwhile, the Dow gained more than 69 points, or 0.2%. The Nasdaq Composite rose close to 0.4%.

Central bank officials reiterated a tough stance against inflation, saying another 50- or 75-basis point move would “likely be appropriate” at the July 26-27 meeting.

On the economic front, initial jobless claims and continuing claims both ticked up slightly last week. The U.S. trade deficit for May came in slightly higher than expected at $85.5 billion but was still down month over month.

The Labor Department’s official jobs report is due out on Friday.

Portfolio:

We enter the new trading session holding positions in TDOC, FNKO, APPS, ALLY, and holding ITRM.  We had some massive market moves yesterday across the board with the bond market leading the way.  Many questions when you see that type of activity.  Commodities smashed, Treasuries moving, Bond market pricing a slow down, volatility continuing to fluctuate.  Our queue continues to ignite as set-ups continue to emerge with such price activity.  The overall economic picture may not be a good one right now but this market is presenting set-ups we have not seen in a while. As we head into mid-terms these areas should continue to ignite.  Let's take full advantage of these price moves over the next several months.  Be ready today and let's have a great session.