May 15, 2023

Markets:

U.S. stock futures rose on Monday following back-to-back weekly losses for the Dow Jones Industrial Average and S&P 500 as investors hoped Democrats and Republicans would reach a debt ceiling deal.

The S&P 500 and Dow lost 0.3% and 1.1%, respectively, last week with the Dow falling for five sessions in a row. The S&P 500′s two-week losing streak is its first since February amid worries about a recession and lack of debt ceiling talk progress.

Wall Street on Friday absorbed a preliminary reading from the University of Michigan that showed consumer sentiment falling to a six-month low as debt ceiling negotiations drag on and as inflation continues to linger.

On the economic front, investors digested the May data for Empire State Manufacturing survey, which showed a collapse in manufacturing activity in New York. The survey fell 43 points from April to a reading of -31.8, below the Dow Jones estimate of -5.

The Empire State Manufacturing survey fell 43 points from April to a reading of -31.8, below the Dow Jones estimate of -5. The index represents the level of companies reporting expansion against contraction.

Atlanta Federal Reserve President Raphael Bostic cast doubt Tuesday on the likelihood of interest rate cuts this year, even if a recession should hit.

Portfolio:

Outstanding week last we experienced last week and in fact, outstanding 2023 thus far but this is just beginning.  We will keep stating it; let this market get over 4200 and hold it and we have a beauty on hand technically.  Should this market get to 4350 and hold that line.  Monster rally!  3890 is the line in the sand for the bears.  

We enter the new trading week holding set-ups in TQQQ, GEO, and S.  Queue is igniting and we will be looking to add this week as set-ups are confirmed.  Be ready.