February 7, 2024

Markets:

S&P 500 futures rose Wednesday as investors parsed through another slate of quarterly results halfway through the corporate earnings season.

Investors turned their attention to a fresh batch of quarterly results. Snap plunged more than 30% on a revenue miss and weak guidance, while automaker Ford gained nearly 6% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected full-year guidance.

A strong earnings season, coupled with expectations for an interest rate cut by the Federal Reserve, has been a source of strength on Wall Street. Much of the earnings upside’s been led by megacap technology and artificial intelligence-focused, a phenomenon that’s also contributed to narrow market breadth.

Despite signs of resilience, doubts have crept in after Fed Chair Jerome Powell signaled last week that investors may have to wait longer than expected for a central bank pivot. He reiterated those comments, leading many to believe that there may be fewer cuts this year than previously hoped for.

China’s biggest chipmaker SMIC said Wednesday that persistent global macroeconomic headwinds and geopolitical tensions could impact its business in 2024.

Portfolio:

We are locked and loaded enter today's session holding set-ups in ASPI, SOFI, IONQ, SKLZ, STNE, and IOT. Different dates on strikes across the board as we look to continue to position ourselves for the moves / volatility ahead. Queue continues to ignite but we do want to be patient here as we work through the current price activity and allow it to materialize a bit more. Technically, this market just continues to build, and we are setting ourselves up for a monster move forward over the next month or so. A cross and hold of 5k on the S&P could trigger another Bull buy event, possibly sooner than we expected. Watching this closely and how we trade at / near 5k. Be on alert today.