November 1, 2022

Markets:

Stock futures rose Tuesday, the first day of November, as Wall Street tried to build on last month’s sharp gains and looked ahead to a key Federal Reserve decision on rates.

The rise in stock futures came as rates fell ahead of the central bank’s rate decision as investors hope for a sign that the Fed will ease its tightening stance in the months ahead. A better-than-feared earnings season, meanwhile, continued with a strong report from Pfizer while Uber shares popped on a revenue beat and strong gross bookings.

Tuesday also kicks off the Fed’s November meeting, which many expect will result in a 75 basis point interest rate hike. Investors will also monitor the central bank’s statement and Fed Chair Jerome Powell’s press conference for signs that the Fed may slow its tightening pace.

Economic releases for Tuesday include job openings data and construction spending for September. The ISM manufacturing report for October is also due.

Portfolio:

We enter the new trading session of the month holding positions in ISEE, PARA, amd MOS. Current open positions look great. Queue is igniting with force, and we will be looking to add new opportunities. We do want to exercise a bit of caution heading into tomorrows Fed rate decision. But, so many stocks are technically on the verge of monster breakouts. We have mid-terms next week as well as yearend cycles beginning. Massive opportunities in front of us. After tomorrow's rate decision, markets have a two-month period of traders positioning themselves for yearend close as well as a new year. This typically provides outstanding trend cycles. We will be watching this closely. We cannot wait to get through tomorrows event. Be ready today and let's have a great trading session and month ahead!