November 4, 2022

Markets:

Stock futures rose Friday as investors looked ahead to the October jobs report for clues into the pace of future rate hikes from the Federal Reserve.

The October nonfarm payrolls report on Friday will give investors further clues into where the economy stands, and how much work the central bank has ahead of it to bring down inflation. Economists polled by Dow Jones expect 205,000 jobs were added last month and predict that the unemployment rate held steady at 3.5%.

Friday’s jobs report will come after another downbeat session for Wall Street.

All the major averages are on track to close out the week with losses. As of Thursday’s close, the Dow is down 2.62%, and set to end four weeks of gains. The S&P and Nasdaq are down 4.64% and 6.84%, respectively, on pace to break two-week winning streaks. The tech-heavy Nasdaq is also on course for its worst weekly performance since January 2022.

Oil prices gained on the heels of a slip in the U.S. dollar index and speculation of China easing its Covid restrictions.

Portfolio:

It's all about the Jobs report today – or at least today's narrative! But the market continues to fight at 3720 and this is worth monitoring closely for direction. Queue is igniting but we want to see how the market reacts to the jobs report to be released shortly. We enter the last trading session of the week holding trade set-ups in TWNK, SOFI, and SNAP. All three looking good for us in pre-market.

Next week, we have mid-term elections. Absolutely cannot wait for the reactions and the trade set-ups to come. Once this event passes, we then march right into year-end trading and seasonal trades – which some have already begun. End of year has always been a great period along with the start of a new year. Let's take full advantage of it. Be ready today and let's have a great session.