August 8, 2022

Markets:

Stock futures rose on Monday morning, following the S&P 500′s third straight weekly gain, as investors shifted focus to a key inflation report this week.

Monday’s gain follows a weekly rise for the S&P 500 and the Nasdaq Composite as a surprisingly strong monthly jobs report eased some recession fears. The resilient labor market also signaled that the economy could withstand more rate hikes from the Federal Reserve.

Some clean energy related shares gained after the Senate passed a $430 billion climate bill, the Inflation Reduction Act, which is expected to be passed by the House later this week. The Invesco Solar ETF was higher by 1.7% in early trading.

A new reading for the consumer price index, slated for release Wednesday, will give investors more clarification about the central bank’s next move at its policy meeting in September. Traders are now pricing in a higher likelihood of a 0.75 percentage point hike next month, which would be the third straight increase of that magnitude.

Oil prices traded lower to start the week, building on recent losses that’s seen the key commodity give back all of its gains following Russia’s invasion of Ukraine.

Brent crude, the international oil benchmark, stood at $93.43 per barrel on Monday, down 1.5%. The contract lost 13.7% last week for the worst week since April 2020.

Portfolio:

We enter this beautiful new trading week holding positions in MLCO, APPS, SHOP, WEN, DOCN, and holding itrm. Well positioned to start the week and the queue is igniting early on this morning with early premarket trading. So many set-ups have pontential to trigger over the next week should price continue to materialize. What an exciting period we have in front of us. This will it's all about the CPI numbers and how we react to them. Should set the tone short term but we firmly believe our trend is set and right now we cannot fight the trend developing here. Be ready today and let's have a great session. Just remember, be patient, do not chase moves day to day but rather set yourself up for the moves to come.