March 29, 2023

Markets:

U.S. stock futures rose Wednesday as traders looked to recover from a down session.

Lululemon shares popped 14% in the premarket after the athletic apparel retailer beat Wall Street’s estimates for adjusted earnings and revenue. Meanwhile, Micron shares climbed more than 2% after the chipmaker posted its fiscal second-quarter figures.

The benchmark 10-year note yield advanced to 3.58%, and the short-term 2-year rate climbed to 4.08%. Those declines come a day after both yields advanced, putting pressure on the broader stock market.

The major averages fell Tuesday, as some investors worried that higher interest rates could tip the economy into a recession — even as Wall Street tried to move past this month’s regional banking crisis.

The Federal Reserve’s Vice Chair of Supervision Michael Barr will make another appearance in Washington on Wednesday, this time before the House Financial Services Committee. This hearing will address federal regulators’ response to recent bank failures.

On the economic front, traders are awaiting the latest pending home sales data that’s set to release Wednesday after the open. Economists polled by Dow Jones forecast a decline of 3% in February, down from a rise of 8.1% the previous month.

Portfolio:

We enter the new trading session holding positions in TSLL, NU, and PLTR.  Roller Coaster type of session yesterday and chopping both sides of the trade.  The last few sessions continue to bounce around but we remain in trend line which continues to build.  Pateince right now as end of quarter trading is here.  Come 3/31 and 4/1, we will get a much more fluid type of trade action.  Right now, all about positioning ourselves for the weeks to come.  The last two session, low volume and drip type of market activity with price and looking for that to end.  Be ready today and just know the second quarter begins a few seasonal trade opportunities we love to attack.  A few sectors into the summer are always hot to trade and this year we expect even stronger price activity.  Let's have a great session.