December 5, 2023

Markets:

Stock futures slipped Tuesday as a recent rally on Wall Street appeared to lose steam.

The market is coming off a losing session. The Nasdaq Composite fell 0.8% on Monday, as tech companies fell across the board. The S&P 500
and the 30-stock Dow slipped 0.5% and 0.1%, respectively. The pullback came on the back of five consecutive positive weeks for the three major averages.

Small caps bucked the trend with the Russell 2000 posting a 1% gain. The small-cap index has enjoyed a nearly 7% gain over the past month, raising hopes of a broadening market rally, as traders become confident that the Federal Reserve will begin to cut rates next year in spite of recent hawkish commentary from the central bank. 

The Fed is currently in a “blackout period,” meaning there will be limited comments from the central bank’s officials. Elsewhere, traders will be looking toward the latest Job Openings and Labor Turnover Survey report on Tuesday morning.

Moody’s lowered its outlook on China to negative from stable as debt levels across the country continue to rise, and Beijing moves to support the economy through fiscal stimulus measures.

Portfolio:

We enter the enw trading session holding positions in AI, FIGS, and IONQ.  Nice day yesterday booking another hit with LMND. Been an incredible run since the end of October. Today we look to see how the overall market responds and how specific sectors we are monitoring trade.  Queue continues to ignite and so many opportunities are on the verge of triggering.  Want to be patient here and allow the market to digest here but we do feel 4600 is coming on the S&P and the pain trade will continue to build.  Unless we break below 4480 on the S&P, can't fight the trend right now.  Be ready today and let's continue to position ourselves to end 2023 in a monster way!