July 5, 2022

Markets:

Stock futures were lower early on Tuesday morning after the major averages finished another losing week.

Concerns about economic growth are hanging over investors as the U.S. market looks to recover after a rough first half to the year. U.S. Treasury Secretary Janet Yellen and China’s Vice Premier Liu He held a virtual call on Monday stateside to discuss macroeconomic issues.

Markets finished one of the worst halves in decades on Thursday, and major averages posted their fourth week of losses in five despite modest gains during Friday’s trading session.

In this shortened holiday week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.

This week’s economic calendar also includes Wednesday’s release of minutes from the Federal Reserve’s latest meeting. May factory orders are expected for Tuesday.

The U.S. stock market was closed on Monday for the July 4 holiday, but trading in Europe was choppy ahead of the market open in New York. The Euro slid to a 20-year low against the dollar on Tuesday.

Portfolio:

We enter the shortened trading week holding positions in ASAN, X, ALLY, and holding itrm. Market is looking to start the new week with a weak open. We will be watching price activity closely as well as our indicators. Queue continue to ignite with new opportunities and just patiently waiting for confirmation. Recession fears continue to lead and drive this market, but we have to think we are close to having this all-priced in. Watching closely. Be on alert today!