May 13, 2022

Markets:

U.S. stock futures were pointing to a higher start for Wall Street at the end of a volatile week, after Federal Reserve Chairman Jerome Powell cooled speculation over the potential for 75-basis point rate hikes.

The Fed is not “actively considering” a 75-basis point interest rate increase, Fed Chairman Powell repeated to Marketplace after the market close on Thursday, while also saying the central bank may not be able to engineer a “soft landing” for the economy.

Stocks pared losses on Thursday after the Senate confirmed Powell him to a second term.

But even if equities can manage a win on Friday, all three indexes are headed for sizable weekly losses, led by the Nasdaq, down 6.3% as of Thursday. That would mark the battered tech index’s sixth straight weekly loss, with the Dow industrials set to mark its seventh consecutive weekly loss, off 3.5%.

Some recovery in battered cryptocurrency markets opn Friday may also be helping sentiment overall.  Bitcoin BTCUSD, 6.96% was trading at $30,360, after staging a slight recovery from a roughly 16-month low hit Thursday of $25,400, amid a collapse of some stablecoins, which are supposed to be pegged to the dollar.

Portfolio:

We enter todays session holding positions in PENN, ATI, DRV, and holding itrm  Very nice week and we look to continue the momentum next week.  Market trends are strongly emerging along with technicals. This is a great time to be trading for those that are patient. Be ready today and let's end the week strong!