February 8, 2024

Markets:

Stock futures hovered near the flatline Thursday morning after the S&P 500 finished the regular session on the brink of the 5,000 milestone.

Disney shares surged about 8% before the bell after the media giant beat quarterly earnings estimates and raised its guidance amid its cost-cutting effort. Chipmaker and designer Arm jumped nearly 30% after the company reported stronger-than-expected earnings and gave an upbeat profit forecast.

Stocks are coming off a winning session that saw the S&P 500 edge close to 5,000 S&P 500 in a rally led by strong earnings report and technology continuing their chug along. The fourth-quarter earnings season has been stronger than expected, boosting investor confidence that the healthy economy could continue driving corporate profits.

Big Tech Meta Platforms surged another 3% Wednesday, while Nvidia and Microsoft rose about 2% each to fresh record highs. The Nasdaq Composite jumped nearly 1% to another all-time closing high, and the blue-chip Dow rallied about 150 points.

Investors will monitor fresh jobless claims data on Thursday to gauge the health of the labor market.

Portfolio:

We enter this wonderful new trading session holding set-ups in ASPI, SOFI, IONQ, SKLZ, STNE, and IOT. Queue continues to ignite and we have monster opportunities on the brink of triggering with technical levels challenging key lines for us. Today will be very interesting to see how we trade on, around, and possibly above 5k on the S&P. Cannot wait to see this and monitor price activity. We continue to see monster upside call lots being purchased over the next year in the tech sector. This only further fuels our thesis on the new bull market – the one many still refuse to acknowledge or participate in.  But these folks are exactly what makes a rally last in a bull market.  They'll join in in about two years and then we know it's time to change gears. Grant it, this move is not yet happening across all sectors, but it's clear who wants to lead and lead us for the next few years. Embrace the move, be patient with your trades, and be ready to attack the opportunity. The real excitement comes when we prove we can hold 5k. This will only help to further drive the movement. Let's not even discuss the added ingredient of the upcoming election cycle and what that always provides to trades and investors. 2024 has the potential to be one of the best trading years in our history for the simple reason of the new AI revolution that is beginning to drive this move. The move we've been on since early summer!