May 11, 2022

Markets:

Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs.

On the earnings front, shares of Coinbase slumped nearly 16% premarket and Toyota dipped 4.4% on the back of earnings. Investors are looking ahead to reports Walt Disney, Rivian and Beyond Meat after the bell.

The federal budget for April is due at 2 p.m. Eastern Time.

Some positive sentiment could also be fueled by reports that COVID cases were easing in Beijing and Shanghai, driving hopes for an easing of restrictions and pressure on the global economy. Optimism that that could relay to improved demand helped drive oil prices sharply higher.

As stock futures rose, Treasury yields fell, with that of the 10-year note TMUBMUSD10Y, 3.025% down 6 basis points to 2.936%.

Gold futures  GC00, 0.37% rose, with gold for June delivery  GCM22, 0.38% up 0.5% to $1,848.90 an ounce.

Portfolio:

We enter the new trading session holding positions in X, ATI, and ITRM.  Very nice week for us thus far.  We will be looking to potentially add a new opportunity today as the queue continues to ignite.  We truly feel an avalanche of opportunity is developing within this market and we are just getting started.  Be on alert today and let's have a great session.