December 8, 2022

Markets:

Stock futures were flat Thursday after the S&P 500 declined for a fifth consecutive day and Wall Street evaluated the likelihood of a recession ahead.

On Wednesday, the S&P 500 declined 0.19% in its fifth straight losing session. The Dow was virtually flat, adding just 1.58 points. Meanwhile, the Nasdaq Composite slipped 0.51%.

Investors’ attention has shifted toward next week’s Federal Reserve policy meeting, where the central bank is widely expected to issue a 50 basis point interest rate hike. It’s a smaller increase than the prior four rate hikes, but may do little to alleviate concerns over whether the Fed can avoid a recession next year in its attempt to squash surging prices. November’s consumer price index, due Tuesday, should also provide more clarity on the direction of inflation.

Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a G7 price cap came into effect.

China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia’s Black Sea ports.

Portfolio:

We enter the new trading session holding positions in CCL, RUN, and M.   Trend lines remain and we are back above 3950 in premarket.  Will be interesting to see where we close and if we can hold.  As we stated earlier this week; sometime the most unexpected move is the right move. Be on alert today and be ready.  We expect a trade or two to trigger today and might have a few more updates throughout the session depending on how price activity shakes out.  Let's have a great session and continue to pinpoint opportunity.