September 27, 2022

Markets:

Stock futures rose Tuesday, as the Dow Jones Industrial Average and S&P 500 tried to bounce back from their lowest closing levels in nearly two years.

The British pound rebounded slightly after plunging to a record low against the dollar earlier in the week. Sterling traded more than 1% higher at $1.087 per dollar after hitting an all-time low of $1.0382.

Treasury yields also came off their highs, boosting sentiment. The benchmark 10-year yield dipped nearly 5 basis points to 3.823%.

Chicago Federal Reserve President Charles Evans signaled some apprehension about the central bank raising rates too quickly to fight inflation.

The latest round of selling appears to have several catalysts, including an aggressive Federal Reserve and surging interest rates, which in turn have roiled currency markets. On Monday, the British pound slid to a record low against the dollar, unnerving investors on both sides of the Atlantic.

On Tuesday, investors will get several new pieces of economic data, including September consumer confidence, August durable goods orders and July home prices. Wall Street has grown increasingly concerned that the Fed’s six-month-long inflation fight will push the economy into a recession.

West Texas Intermediate crude futures, the U.S. oil benchmark, stood at $77.50 per barrel, for a gain of 1%. Global benchmark Brent crude added 1.3% to trade at $85.19.

Portfolio:

We enter the new trading session holding positions in Z, AA, and TDOC. It will be extremely interesting to see how we open, the price activity after the open – especially the first half hour, and if follow through can occur. Trend lines right now are so active and we love to see it. Please be on alert today again, queue continues to ignite and we could see a monster opportunity or two develop today, especially early on, based on premarket activity. Let's have a great session.