October 5, 2022

Markets:

U.S. stock futures fell on Wednesday, putting Wall Street on track to give back some of its sharp gains from the last two sessions.

Treasury yields rebounded Wednesday, weighing on stocks. The 10-year rate traded 7 basis points higher at 3.697% after briefly dipping below 3.6% in the previous session.

Payroll services firm ADP issued its jobs report, which showed the addition of 208,000 jobs in September, which is better than expected by Dow Jones estimates. Traders are still looking ahead to Friday’s release of the nonfarm payrolls report.

European stocks retreated on Wednesday as the positive trend seen in global stocks in recent days faded.

Elon Musk has reversed course and is again proposing to buy Twitter for $54.20 a share, according to a regulatory filing on Tuesday. Twitter shares closed up more than 22% on the news.

Portfolio:

We enter todays session well balanced with holdings.  We hold set-ups in NBIX, AEHR, ENVX, PARA, and MPW.  We stated yesterday morning our queue continued to ignite and have strong set-ups for the next few weeks to come based on price activity we saw within these names.  We'll be watching crude, price activity in other sectors, as well as Big tech, early on this morning.  Continued strength here will be a plus short term and continue to develop opportunities to end 2022.  Keep an eye on our trend lines that we continue to point out.  3750, then 3720 on the S&P.  These are two monster lines, especially 3720 for us.  Let's have a great session.