November 27, 2023

Markets:

Stock futures dipped Monday as Wall Street looks to build on four straight positive weeks for the equity market.

Wall Street is coming off the fourth straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.

The rally has come despite warnings from some U.S. retailers that consumer spending is weakening. Traders will be looking for updates about the start of the holiday shopping season after Black Friday.

Weak spending data could suggest that the Federal Reserve’s rate hikes are finally starting to weigh on the broader economy.

The week ahead is also a busy one for economic indicators and Fed commentary. On Monday, new home sales and the latest Dallas Fed Manufacturing Survey are due out. Readings for consumer confidence and inflation follow later in the week.

Portfolio:

We enter the new trading week locked and loaded with set-ups in IONQ, TSLL, PATH, ASAN, and GEO.  We are filled with opportunity but the queue continues to ignite.  Technically, the "pain trade" continues to evolve and build and this market is just getting started.  What we would love to see is this to slowly build and then welcome the full on chase into the market.  This could really trigger massive price action.  

Be ready today.  Let's end this month strong and have a monster December.  We want to begin positioning ourselves further to end 2023.