February 24, 2023

Markets: 

U.S. stock futures fell Friday morning as traders looked to the release of key inflation data. The core personal consumption expenditures price index, the Fed’s preferred measurement of inflation, is slated for release at 8:30 a.m. ET. Economists expect a 0.5% month over month gain, according to Dow Jones. Investors are also awaiting the January data on personal income and consumer spending will have further insight into the U.S. consumer; both figures are due out Friday before the bell. Personal income is expected to have risen 1.2% last month, according to Dow Jones consensus estimates. That’s up from an increase of 0.2% the prior month. Consumer spending is forecasted to rise 1.4% in January, up from a decline of 0.2% the prior month. Investors continue to worry about the pace of future interest rate hikes in the face of contradictory economic signals. While inflation remains persistently high, the U.S. consumer has continued to show strength. 

 

Portfolio: 

We enter todays session holding positions in VXKT and FIGS. Markets are in a rollercoaster pattern right now but technically still in line. We are watching technicals closely. We are ready to turn on a dime if need be but right now we feel we are basing here and unless we break below 3900 we still feel this market could move higher. So many sectors continue to build but we will never fight the trend and should we break lower technically, then we will absolutely turn our perspective. We cannot wait for a full week next week and to see how the new month begins. Excited for the queue and the triggers we are seeing for both sides of the trade.