November 16, 2022

Markets:

Stock futures dipped Wednesday as investors weighed another lighter-than-expected inflation report and looked ahead to retail sales data.

Those moves came after Target reported much weaker-than-expected earnings for the third quarter. The results weighed on futures and sent the stock down more than 13%. Target also warned of a weak holiday quarter.

Wall Street is coming off a positive session, with the S&P 500 closing up 0.87% on Tuesday and the Dow adding 56.22 points, or 0.17%. The Nasdaq jumped 1.45% and is the only major average on pace to eke out slight gains for the week. The producer price index report, which measures wholesale prices, came in below expectations, which alleviated some of investors’ concerns around inflation.

Retail sales due out Wednesday could offer another look at consumer behavior amid inflation.

U.K. inflation jumped to a 41-year high of 11.1% in October, exceeding expectations as food, transport and energy prices continued to squeeze households and businesses.

Portfolio:

We enter the new trading session holding positions in PLUG, AI, and FUBO.  Great day yesterday and we look to keep it going today and continue to build for what we see coming over the next few months.  Technically, no chages.  As stated yesterday, our concern would come if we break below 3950 area and hold it.  Key level to watch short term.  Yesterday, we were a bit mechnical in the trading day.  Anxious to see price activity after retail numbers this morning and how we trade the first hour of the session.  A few key patterns developing over the last week and curious to see if they continue to develop and materalize.  Be ready today for a new trade opportunity or two as well as updates as needed.  Let's have a great session.