December 1, 2022

Markets:

Stock futures turned up slightly Thursday as investors continued reacting to Wednesday comments from Federal Reserve Chair Jerome Powell and picked through a mixed set of corporate news.

The moves followed a sharp rally Wednesday, with the Nasdaq Composite and the S&P snapping three-day losing streaks after Powell appeared to confirm a slowdown in the central bank’s tightening — a question that’s lingered in recent weeks. The Dow jumped 737.24 points, or 2.2%, on Wednesday, while the tech-heavy Nasdaq Composite and S&P 500 surged 4.4% and 3.1%, respectively.

Investors’ focus Thursday turns to initial jobless claims ahead of the much anticipated November jobs report due out Friday. The payrolls report is expected to provide more clarity on the labor market, and whether it continues to cool. Economists surveyed by Dow Jones estimate the economy added 200,000 jobs in November, down from 261,000 additions in October. They also anticipate that the unemployment rate held steady from the prior month at 3.7%.

Personal income and personal consumption expenditures data is also expected before the bell.

Portfolio:

We enter the new trading session holding set-ups in GRAB, CWH, M, and AR.  Monster turn in the markets yesterday and caught many by surprise.  As we stated previously, it's the path least expected and would not surprise us at all to see this market continue higher now into end of year cycle.  So many bull flags emerged and exploded yesterday into the close.  It'll be super interesting to monitor the activity today and see if we can get continuation.  The lack of continuationis what's hurt the market the most for traders – on both sides of the trade.  We will be watching this closely.  Please be ready today and expect new triggers and updates today.  Could be a busy session should this materalize.