April 3, 2023

Markets:

S&P 500 futures were lower as a spike in oil prices added another threat to an economy already struggling from Federal Reserve rate hikes and recent turmoil in the banking sector.

Futures for the Dow Jones Industrial Average ticked up 130 points, or 0.4%. Chevron is set to give the index a boost as it gained 4.5% in pre-market trading on the spike in oil prices.

The output cut from OPEC+, which is slashing 1.16 million barrels per day, sent oil prices soaring. West Texas Intermediate crude was 6.6% higher, while international benchmark Brent crude climbed 6%.

Traders are shedding optimism from recent market strength with the prospect of higher oil prices adding to fears of higher inflation and a looming recession.

The first week of the new quarter is a shortened one for Wall Street, as trading will be closed for Good Friday. However, there will be several key pieces of economic data for investors, including job openings data on Tuesday, ADP private payrolls report on Wednesday and the closely watched monthly jobs report on Friday.

Portfolio:

We enter the new trading session and the first day of the second quarter holding set-ups in BBAI, IOT, RMBS, and PLTR. We will be looking to add this week as the queue continues to ignite. Monster opportunity continues to develop and although we have a shortened trading week, we expect monster opportunity to be created from key data points as well as trend lines for the Indexes continuing to build. Great time for trend traders. Let's have a monster second quarter!