November 9, 2023

Markets:

S&P 500 futures rose modestly on Thursday following a session in which the broad-market index added to its longest winning streak since November 2021.

The moves follow a muted but momentous day on Wall Street. While the S&P 500 finished up just 0.1%, it marked the longest winning streak since 2021 at eight days. The tech-heavy Nasdaq Composite inched up by 0.08%, eking out a ninth winning day for its lengthiest stretch of positive sessions in two years. The Dow finished down by about 0.1%, snapping a seven-day run of gains.

Investors will watch Thursday for morning data on jobless claims. Traders will also follow remarks from a slate of Federal Reserve officials — including chair Jerome Powell — expected over the course of the day.

China’s consumer prices fell in October as the world’s second-largest economy struggled with an uneven post-Covid recovery.

Data from China’s National Bureau of Statistics showed the consumer price index slipped 0.2% year-on-year, more than the 0.1% decline expected by economists polled by Reuters.

Portfolio:

We enter the new trading session holding positions in ASAN, DKNG, and GEO.  The queue is absolutely on fire and we want to release a few new trades but trying to be cautious as we head into today. A number of fed speakers on tap including Fed Chair Jerome Powell. One mis-perceived statement could change the trajectory of the day. Just want to remain cautious here but nothing will change for the overall picture for this market and technically where it continues to build for. It still amazes me the bear calls out there and the refusal to stop fighting the uptrend and just welcome it. As we stated a few days ago, 4420ish area first, and then we set our eyes on 4450-4470 level. Once above, we smash it! We'll respect how we trade against this level first, but these are key lines for us.

Be ready early on today. As we mentioned earlier, queue is igniting and could see an A+ trigger early on based on premarket activity. We will then patiently listen for the Fed speakers throughout the session and look for further opportunity. Let's have a great session.