May 12, 2023

Markets:

U.S. stock futures were higher Friday as regional banks rebounded and traders tried to end a volatile week on a high note.

Investors are also keeping an eye on Washington as concern around debt ceiling negotiations persisted. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.

Meanwhile, weaker-than-expected wholesale prices data, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn ahead — particularly as a handful of stocks continue to carry the market.

Investors are anticipating preliminary consumer sentiment data on Friday, set to release after the open. Economists polled by the Dow Jones are expecting a May reading of 63.0, which would be lower than the level of 63.5 in the previous reading.

April import prices are also due out before the open on Friday. Economists are expecting a 0.3% rise last month, compared to the decline of 0.6% the prior month.

Portfolio:

We enter the last trading session of the week holding set-ups in TQQQ, GEO< and S.  Love this market, it's trends, and pricing right now.  The real fun…if it breaks out of range as we've been discussin and the opportunity that would ignite.  Still believe the pain trade and greater opportunity would be above 4200 and through 4350.  If we dare to trade too and close above 4350, this market could get absolutely wild and provide a MONSTER period.  WE could only hope but it's possible!