April 4, 2023

Markets:

Stock futures rose slightly Tuesday as the market remained resilient even after a spike in oil prices.

The Dow and S&P 500 are coming off their fourth straight day of gains, rising nearly 1% and 0.4% on Monday. The Nasdaq, meanwhile, slipped 0.3%.

Markets have been resilient of late, with the major averages rising even when faced by persistent inflation, a banking crisis and higher rates.

This week, the energy market became another potential source of uncertainty, after OPEC+ announced it was slashing output by 1.16 million barrels of oil per day. West Texas Intermediate futures had their biggest daily gain in nearly a year on the news. On Tuesday, crude rose another 1%.

On Tuesday investors will get the latest number from the monthly Job Openings and Labor Turnover Survey, or JOLTS, at 10 a.m. ET.

The outlook for first-quarter economic growth has declined sharply in recent days, according to a tracker from the Atlanta Federal Reserve.

GDPNow, which adjust its outlook on the go as economic data rolls in, now sees the first three months of the year growing at just a 1.7% annualized pace. As recently as March 23, the tracker had been pointing to growth of 3.5%.

Portfolio:

Great start to the second quarter for us yesterday and we enter the second session of the week and quarter holding three setups; ASAN, IOT, and PLTR. Queue continues to ignite! If this market does not excite you right now, not sure what will. Trend traders should rejoice at how technicals are being respected once again. Momentum is now coming into play and should we break above 4200 on the s&P and hold it; a monster move will be on. This is our next line. We need to respect the potential failure and pullback. This line is key for the next move. Be ready today and let's have a great session.