November 21, 2023

Markets:

Stock futures were down slightly Tuesday as traders assessed some disappointing retail results and looked ahead to the release of the Federal Reserve meeting minutes.

The minutes from the Fed’s Oct. 31-Nov.1 meeting are slated for release at 2 p.m. ET.

Traders are hoping to glean some insight into policymakers’ rate decision after the central bank left its benchmark rate at 5.25%-5.50%, and learn what it might take for them to change tack going forward. Fed funds futures pricing suggests near unanimity that the Federal Open Market Committee will hold steady at its upcoming December meeting.

Traders will also turn to earnings from Nvidia and HP. Nvidia shares hit an all-time high on Monday.

Portfolio:

Yesterday overall price activity angered many who just continue to chase the short trade. Absolutely loved where the S&P closed and the other sectors getting involved in this rally now. Baseline materializing with strength. Overall picture continues to strengthen for this market over the next 6 to 12 months as we head into the election cycle. The pain trade builds on and with that our performance only strengthens as well. Next level opportunities now about to trigger.

We enter todays session holding set-ups in IONQ, TSLL, PATH, ASAN, and GEO. We expect a bit of a ho-hum day as traders wait for the Fed minutes but also earnings tonight from Nividia. Right now, no changes need. Could see a new opportunity today but do want to be patient here with these two events on deck and headlining into a lower volume pattern with the holiday week. Be ready and let's have another strong session.