June 8, 2022

Markets:

Stock futures fell Wednesday after two consecutive days of gains on Wall Street.

On Tuesday, investors shrugged off some signs of an economic slowdown ahead of a key inflation reading. The S&P 500 gained nearly 1%, rising for a second straight day. The 30-stock Dow advanced more than 260 points, Tuesday, while the tech-heavy Nasdaq Composite rose 0.9%.

All eyes will be on Friday’s consumer price index reading for May. Many believe the print will be crucial for the path of Fed policy and whether the central bank will keep raising rates in 50-basis-point increments.

The stock market has had a roller-coaster year as the Fed’s aggressive rate hikes stoked recession fears. The S&P 500 is off nearly 14% from its all-time high reached in January. The equity benchmark briefly dipped into bear market territory on an intraday basis last month.

A slew of retailers and consumer companies will report quarterly earnings Wednesday, including Campbell Soup, Ollie’s Bargain Outlet and Five Below.

Portfolio:

We enter the new trading session holding positions in EGY, CVE, GOGL, GLNG, and ITRM.  Excellent day for us yesterday and we wethered the swings perfectly.  As we've been stating, queue is igniting and we are entering a period which will be explosive.  We feel we have several months leading into the mid-terms that can provide next level opportunities.  For those that remained patient; the time seems to be coming to take full advantage of this market.  Let's have a great session!