August 12, 2022

Markets:

Stock futures rose on Friday with the S&P 500 headed for its fourth positive week in a row on the hope that inflation is peaking.

The S&P 500 is up 1.5% on the week, helped most by a rally earlier in the week after a lighter-than-expected consumer prices report. This will be the S&P 500′s longest weekly winning streak since November 2021. A report later in the week on wholesale prices further validated the speculation that the inflation trend could be turning lower, which could lead the Federal Reserve to eventually slow down its aggressive tightening campaign.

This week’s moves have extended a market rally off its mid-June lows. The S&P 500 is up 14.7% since the lows, while the Dow has gained 11.5% and the Nasdaq Composite is up 20.0%.

Apple shares were in the green following a report from Bloomberg News that the iPhone maker still expected to produce about the same number of smartphones this year as last year. It’s also telling suppliers to make about the same amount of the latest generation iPhones this year as in 2021, according to the report.

On the economic front, import prices and consumer sentiment data are due out Friday.

Portfolio:

We enter the last trading session of the week holding positions in CVE, MLCO, DCGO, WEN and holding itrm. All trades with outstanding charts and setups and we look forward to the weeks to come. We will continue to scan the markets today for further opportunity but feel we are well positioned for early next week and further. We've seen whipsaw type action on Friday's so please be careful and be patient. The opening looks to be strong, let's see if we hold. Be on alert for a potential set-up and other updates. Let's have a great session.