October 3, 2022

Markets:

Dow Jones Industrial Average futures ticked higher Monday as Wall Street tried to start the new month, and quarter, on a solid note. Dow futures traded 202 points higher, or 0.6%. S&P 500 futures rose 0.5%, and Nasdaq 100 futures gained 0.2%.

Those moves came as the yield on the 10-year U.S. Treasury note fell further, after finishing the previous week 18 basis points down from its mid-week high.

The Dow shed 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5%, respectively.

Oil prices rose Monday as the Organization of Petroleum Exporting Countries (OPEC+) considers cutting output by 1 million barrels per day, the largest cut since the start of the pandemic in 2020. Reducing output would boost prices.

West Texas Intermediate crude rose 4.15% to $82.79 per barrel. Brent crude futures gained 3.92% to $88.48 per barrel.

Shares of Tesla were down 4.3% in premarket trading Monday after the electric vehicle maker reported fewer than expected deliveries during its third quarter.

The British pound recovered from earlier losses against the U.S. dollar after the U.K. government abolished a plan that would reduce taxes on high earners.

Sterling last traded 0.1% higher against the dollar at $1.117.

Portfolio:

We enter the new trading quarter, month, and week filled with excitement for the opportunities this quarter will bring as we look to close out 2022 and usher in 2023. We have so many drivers this quarter with inflation, rates, the Russia / Ukraine war, as well as Mid-Terms here at home. Massive, massive, opportunity. Cannot stress this enough if everything develops as expected.

We enter the week holding positions in PARA, Z, and MPW. We will be looking to add new set-ups this week so please be ready. Keep our trend lines in mind and do not try to chase day to day moves in this market. Just a friendly reminder as we look to close our 2022 in a Monster way. Be ready and let's have a great session.