October 15, 2024

Markets:

Stock futures were little changed Tuesday after the Dow Jones Industrial Average closed at a record, while traders sifted through the latest earnings reports.

Those moves come after a winning day on Wall Street that propelled the S&P 500 and Dow to new intraday highs and record closes. Notably, the Dow added more than 200 points to finish above the 43,000 mark for the first time.

Information technology stocks led the S&P 500 higher in the session, with the sector finishing nearly 1.4% higher. The market got upward momentum from Nvidia’s 2.4% rally, which pushed the artificial intelligence darling to a record close.

Investors will keep an eye on economic data around manufacturing and consumer expectations. San Francisco Federal Reserve President Mary Daly, Atlanta Fed President Raphael Bostic and Fed Governor Adriana Kugler are expected to deliver remarks throughout the day.

China stocks fell Tuesday even as broader Asia-Pacific markets rose after the Dow Jones Industrial Average and the S&P 500 reached new record highs overnight. 

Portfolio:

We enter the new trading session holding set-ups in NVAX, TSLL, and HOOD.  Queue continues to ignite and yesterday we were able to adjust trend lines and once again – although we continue to receie pushback from some on this – higher lows continue to print for new support line and few still cannot see the breakout run that can come to us AFTER the election cycle and well into 2025.  The election is the last headline risk we see for the markets for several months.  The opportunity we will all have in the coming months will be your greatest yet, I cannot stress this enough.  The last few months have been great but this is nothing compared to what we can build.  

Few items to note:

Important earnings to be released this week: MS, DFS, NFLX, and AXP.  Short list this week, the real excitement begins next week for earnings.  

Technically the market has been just moving higher creating beautiful bull gaps.  Any pullbacks will act as good support levels.  Understand this!  

We mentioned last few weeks the beautiful setups emerging in a number of names that we took advantage of but now we have a queue that is igniting with possible massive builds and charts.  A few stocks/etf's to watch:  IWM, TNA, COIN, MSTR, LLY, AAPL (this one is doing what we continued to stay in for), NVDA, SOXL, BRK.B, MU, and AMZN.  These charts are massive.  Just wanted to provide a bit of insight into the queue.  Watching these and a number of others very closely.  

Stay patient.  Still some headline risk and day to day risk.  The chase for performance has not yet even begun by so many.  We will be well positioned for this move just please stay patient and do not over allocate into any one trade no matter how strong you might think the trade can be.