November 20, 2023

Markets:

U.S. equity futures were little changed on Monday, as Wall Street started the shortened Thanksgiving holiday week.

Microsoft shares were up more than 1% after CEO Satya Nadella said former OpenAi chief Sam Altman will be joining the tech giant to lead a new AI research team.

U.S. markets will be closed Thursday due to the Thanksgiving holiday. Friday will also be a shortened trading day. Trading around the Thanksgiving holiday has been choppy in recent years, but November is still the best-performing month for the S&P 500, according to the Stock Traders’ Almanac.

Despite the short week, there are some key catalysts for the market ahead. Nvidia reports earnings Tuesday. The chipmaker is this year’s best-performing stock, up more than 200%.

Market bulls remain enthusiastic into year-end, particularly after cooler-than-expected U.S. inflation data released last week calmed investors’ nerves about stubbornly high prices and provided a hopeful indication that the Federal Reserve could stop raising interest rates.

Portfolio:

We enter the holiday shortened week holding monster set-ups in TSLL, PATH, ASAN, and GEO. Outstanding month thus far but the real excitement continues to be for what's building and the monster opportunity ahead. As we stated all year and especially the last few months; this market is building for a greater move that few refuse to see. Would love to see the S&P next stop trade above and hold the 4550 mark. Technically, we have a monster pathway higher now until the trend breaks. With seasonal trades coming into play and funds being underinvested, there will be a chase for performance and entry into this market. We will continue to state this; the pain trade is higher, and the chase will has not even begun.

Let's have another monster week. The big event in play this week is Nividia's earnings report tomorrow. This could further ignite a sector that was beaten down last year. Be ready this week!