November 29, 2023

Markets:

Stock futures ticked up on Wednesday, as investors held out hope that the Federal Reserve is done raising benchmark interest rates. Traders also tried to build on already strong gains for the month.

General Motors shares popped more than 7.2% in early morning trading after the company announced a $10 billion buyback. The automaker also raised its dividend and reinstated its guidance.

Federal Reserve Governor Christopher Waller said on Tuesday that current monetary policy appears to be sufficiently restrictive to cool inflation back down to the central bank’s 2% target. The comments helped fuel investor optimism and buoyed stocks.

The major averages are on track for strong monthly gains. The S&P 500 and Dow are up 8.6% and 7.2%, respectively, in November. The Nasdaq had climbed 11.1%.

On Wednesday, traders will have an eye out for second preliminary gross domestic product data for the third quarter, as well as the wholesale inventories report for October. On the earnings front, Hormel Foods and Dollar Tree are expected to issue quarterly results before the opening bell. Salesforce will post earnings after the close.

Portfolio:

Another outstanding day for us yesterday but based on premarket activity, today might be an even better one! The "Pain Trade" continues to build, and folks continue to be in disbelief. Should this continue to strengthen, which looks like it will, the chase will then occur and this move will last well into 2024. The added element is the election cycle and this phenomenon for the markets happens every four years. This cycle can be so explosive and life changing with how we are building into it. I don't want to get ahead of ourselves and just take this month by month, but the excitement for the possibilities we have is sky high right now. Don't fight the trend. Take full advantage of it while we can.

We enter the session holding set-ups in FIGS, LMND, IONQ, PATH, and ASAN. Queue is on fire so expect a new trade opportunity today. We might be taking a profit today as well, so have your target working. Pre-Market looks strong and should continue to build. Let's have an outstanding session and continue to build for the following month and the moves to come.