July 2, 2024

Markets:

U.S. stock futures fell Tuesday, putting the major averages on track to give back the gains seen in the previous session.

Investors are deliberating whether the strong start to the year can continue in the back half of 2024. While megacap tech stocks continue to outperform, bearish market observers worry poor breadth could signal choppiness ahead.

Federal Reserve Chair Jerome Powell speaks Tuesday at 9:30 a.m. ET before a policy panel at the European Central Bank Forum. The central bank leader will be part of a panel discussion and will not be issuing prepared remarks beforehand. He will join ECB President Christine Lagarde and Roberto Campos Neto, governor of Brazil’s central bank. CNBC’s Sara Eisen will moderate.

The May job openings and labor turnover report is also due out Tuesday. Economists polled by Dow Jones anticipate the number of job openings last month to be 7.9 million, down from 8.1 million in April.

Markets will end trading early Wednesday, and close Thursday, for the Fourth of July holiday. On Friday, investors will get insight into the labor market with the June jobs report.

Portfolio:

We enter the new trading session holding set-ups in TSLL, ENVX, NVDA, PLTR, GBTC, and MARA.  Patience this week as volume is light, data points and Fed, algos in control.  Next week should be terrific with volume reentering after the holiday break and many positioning themselves for Q3 and the summer moves.  Seasonal trades will now also come into focus along with election cycle trades, which really ramp up from August through election day.  Throw in the current market trend, AI cycle, and tech breakout and you have the ingrdients for an incredible market over the next 12 months or so to trade.  Be ready today.