January 11, 2024

Markets:

Stock futures slid Thursday after a fresh round of inflation data reflected an uptick in consumer prices for December. Investors also looked ahead to start of the fourth-quarter earnings season.

December’s consumer price index report came out slightly higher-than-expected, reflecting a 0.3% increase in consumer prices for the month, pushing the annual rate to 3.4%. Economists polled by Dow Jones had predicted that the CPI rose 0.2% in December and 3.2% on a year-over-year basis.

Core CPI, excluding volatile food and energy prices, came out in line with expectations, however, pointing to easing inflation pressures.

Investors are also eyeing the kickoff of the fourth-quarter earnings season, which will see banking behemoths Bank of America, Wells Fargo and JPMorgan Chase report results Friday.

Elsewhere, the U.S. Securities and Exchange Commission on Wednesday approved rule changes, opening the door for bitcoin exchange-traded funds. The long-awaited move would expand investors’ access to the flagship crypto. Bitcoin has since ticked up, adding more than 3% to reach $47,200.

Portfolio:

We enter the new trading session holding set-ups in TPST, PATH, PLTR, NVAX, IOT, SOXL, amd IONQ. Love the reaction right now to CPI and the price activity we will see building off this. Could have next tier level opportunity trigger for the next month but earnings will most likely take center stage. It will be interesting to see the narrative and headlines over the next 24 hours. Stay focused, silence the noise, and remember our trend lines. Be on high alert for a new opportunity or two today.