July 29, 2022

Markets:

Stock futures rose Friday as Wall Street looked to finish the week and the month higher.

Wall Street was set to post strong weekly gains. The Dow is now up nearly 2% for the week, while the S&P 500 the Nasdaq Composite are up 2.8%.

The major averages were also on pace for their best month of 2022. The Dow is on track for a more than 5% gain for July, while the S&P 500 could finish higher by 7.5%. The Nasdaq Composite, while still in bear market territory, is up more than 10% for the month.

Still, some have remained worried about inflation levels with Russia’s ongoing war on Ukraine and the possibility that markets could turn lower again. On Thursday the Bureau of Economic Analysis reported that the personal consumption expenditures price index, an inflation indicator closely watched by the Fed, hit its highest level since January 1982.

Futures Thursday were supported by gains from two of the market’s biggest stocks. Amazon shares popped 12% after the e-commerce giant reported stronger-than-expected sales for the previous quarter, while Apple climbed 2.6% after posting better-than-expected iPhone revenue.

Shares of Roku sank more than 20% after the company missed estimates and warned of a slowdown in advertising. Chipmaker Intel dropped 7% after its quarterly results fell short of expectations.

Portfolio:

We enter the last trading session of the week holding positions in NOV, DDD, MRO, SNAP, and holding itrm. We cannot wait for the next few weeks and the growth sector to begin releasing. Really love the price activity and option volume. Please be on alert today and ready for further updates and a new trade potentially. Although it's Friday and we typically try to avoid adding new set-ups on a Friday, price activity looks too good to wait, and we might need to unload a set-up or two here. Let's have a great session.