November 29, 2021

Markets:

Stock futures jumped Monday morning to recover some losses after Friday's slide, when uncertainty over a new coronavirus variant stoked volatility across global markets. 

U.S. airlines and other travel stocks were mostly higher to steady after steep losses from late last week, when initial concerns over the newly discovered Omicron variant of the coronavirus in South Africa fueled fears over renewed global restrictions. Meanwhile, Zoom Video Communications (ZM), Peloton (PTON) and other stocks that have been mainstays of the "stay-at-home" trade gave back some of Friday's gains. Technology stocks that had become defensive plays during the pandemic largely held up on Monday, however, and Nasdaq futures outperformed. 

The market selloff during the abbreviated Black Friday session and the commensurate flight to assets that investors hope will perform better amid fresh mobility restrictions, helped to overshadow the usual focus on retail, on a day associated with heavy consumer spending ahead of the Christmas holiday. Friday’s downturn also offered a crystal clear reminder that the path of the market and economy hinges on the course of COVID.

Trading on Monday will help determine whether bullishness persists or if a bearish phase is crystallizing.

It will be a week focused on the state of employment, with the November U.S. jobs report due at the end of the week and Powell and others offering their final thoughts before a media blackout period starting ahead of the Federal Open Market Committee’s final meeting of 2021 on Dec. 14-15.

Portfolio:

We enter today's session holding positions in APRN, TWTR, VALE, SKLZ, F, and holding ITRM.  We are well positioned for this move today and will be looking to add to our holdings over the next few sessions.  As we stated last week when a narrative was trying to be pushed onto us; be patient, this is not the longer term picture / theme and trying to swing daily moves will only hurt you.  The next stage of opportunity is developing, we now focus on the next month ahead and taking full advantage of the year end trades we have.  Queue continues to ignite.  Let's have a great week and session.