December 2, 2024

Markets:

S&P 500 futures are slightly lower Monday morning as investors looked toward the final month of trading this year.

Shares of Tesla gained 2% in premarket trading following an upgrade to buy from neutral at Roth MKM, with the firm citing as a catalyst Musk’s close relationship with President-elect Donald Trump. Bitcoin, which traded near $99,000 on Friday, retreated to around $95,000 on Monday as investors were in a bit of a risk-off mood to start the month.

Those moves follow a winning week and month for stocks. Much of November trading was centered on a postelection rally after President-elect Donald Trump emerged as the winner.

Investors will watch on Monday for economic data on manufacturing and construction spending. That comes ahead of a series of closely watched labor data due later in the week.

They’ll also monitor speeches expected from Federal Reserve Governor Christopher Waller and New York Fed President John Williams.

Big Earnings to watch this week, CRM, MRVL, and KR.

Portfolio:

Hope all those who celebrate Thanksgiving enjoyed it and the break and are ready to roll this week and what we think will begin the most exciting period for this market.  We enter the new month holding setups in JOBY and GRAL.  We will be adding this week so please be ready.   Had a great November but better opportunities are coming. Technically, SPY above 601 is a monster line and now watching QQQ and the 511 area.  The S&P is poised for a steady climb if earnings and jobs data don’t disappoint. Financials and energy remain strong plays, while midcaps could see inflows as we head into the new year. Keep an eye on volatility—things could get exciting if macro surprises come into play.

Overall, the setups continues to build for the overall market.  Our greatest opportunity is now coming to the entrance way.  Be ready!