November 28, 2022
Markets:
Stock futures fell Monday as social unrest from China’s prolonged Covid restrictions weighed on markets, sending oil prices lower — after Wall Street notched gains during the Thanksgiving holiday-shortened week.
Over the weekend, demonstrations broke out in mainland China as people vented their frustrations with Beijing’s zero-Covid policy. Local governments tightened Covid controls as cases surged, even though earlier this month Beijing adjusted some policies that suggested the world’s second-biggest economy was on its way to reopening.
The developments weighed on sentiment in Asia trading, with oil futures hovering around new 2022 lows around demand concerns. Shares of companies with big production facilities in the country led premarket losses. Shares of Apple lost 1.7% and Tesla declined 2.2% in premarket trading.
In the last week of November, investors will be watching more earnings reports and a slew of economic releases that will give further information on the state of the consumer and the U.S. economy. Intuit, Salesforce and Five Below are among companies scheduled to report earnings. Personal consumption data and the labor report for November will also be released this week.
Energy stocks were under pressure in the premarket Monday as oil prices took a hit, with investors pondering the potential effect of civil unrest in China on global growth.
Portfolio:
We enter the new trading week and the last few days of the month holding the following positions: UMC, M, AR, and TGLS. What a week and now we enter the new trading week with so much data to be received along with a few more earning reports that are important for the retail trader. This all will contribute to the final trading month of the year and the monster moves we expect. As a friendly reminder, wait at least 30 minutes after the open and allow price to materialize. Do not chase day to day moves, stay patient here and allow the opportunities to ignite! Let's have another strong week and be ready today for new trade opportunities!