September 20, 2024

Markets:

Dow Jones Industrial Average futures flickered near the flatline Friday after the 30-stock benchmark closed at a record, bolstered by enthusiasm over the Federal Reserve’s interest rate cut.

Stocks surged during Thursday’s regular session, with the S&P 500 rising 1.7% to close over the 5,700 level for the first time. The blue-chip Dow ended the day more than 500 points higher to post its first-ever close above 42,000. Both indexes also registered all-time highs during the day. The Nasdaq Composite advanced 2.5%.

Unemployment data, along with the Fed’s half-point rate cut on Wednesday, seemed to bolster investors’ sentiment. Initial jobless claims, which came in at 219,000 for the week of Sept. 14, were lower than expected and showed a decline from the prior week.

The S&P 500 is on pace for a nearly 1.6% jump this week, and a reawakening in the energy sector is contributing to the gains.

 

Portfolio:

It's Friday and we have a massive Quarterly OPEX today. This is what we spoke about yesterday, anticipate swings and know its ok! This is normal trading pattern for todays event. Yesterday was a monster tell and technical build for this market. Next week, the next pattern emerges. Goal today will be to possibly add value trades for the next few weeks but we do want to be cautious with the violent swings that can happen on OPEX days.

We enter the final trading session f the week holding set-ups in TSLL, SOXL, ASTS, an CPNG. Remember, your very best entries in the market are almost always going to be those that were the hardest to acquire. Stocks and options swing but as long as the technical pattern and momentum does not fail, it will thrive. So many constructive charts out there right now with so much room now for expansion. Monster period ahead.