September 8, 2023

Markets:

Stock futures were lower Friday morning, as Wall Street headed for a losing week amid concern that the Federal Reserve could raise rates more than expected.

Renewed fears over more rate hikes from the Federal Reserve were further justified as initial jobless claims came in at 216,000 — lower than the 230,000 anticipated by economists polled by Dow Jones. Investors are calling for roughly 1 in 2 odds that policy makers will raise rates in November as of Thursday night, per the CME Fed Watch tool.

U.S. Treasury yields fell on Friday as investors fretted over the possibility of further interest rate hikes.

At 4:12 a.m. ET, the yield on the 10-year Treasury was down by more than two basis points to 4.2344%. The 2-year Treasury yield was over one basis point lower at 4.9422%.

Portfolio:

We enter the last trading session of the week holding setups in CXM, WW, TSLL, and VST.  Absolutely love the fear mongering happening right now.  The headlines, the newsstations, social media interactions.  Exact fear that people were trying to pedal to start 2023 is here once again and now shifting to "2024".  Headlines and opportunity.  Play to it and set yourself up.  While these headlines continue to float for clicks, we continue to see monster trade lots positioning themselves for higher moves.  Until the trend line breaks and holds on the S&P, we follow the trend and continue to ride the wave.  Be ready and let's have a great session.