May 30, 2023

Markets:

Stock futures rose Tuesday after the Biden administration and Republican lawmakers reached a tentative deal on raising the U.S. debt ceiling.

President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid a default over the weekend, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.

The agreement comes just days before the so-called “X date” on June 5, which is the earliest date the Treasury Department has signaled the U.S. could default on debt obligations. The initial compromise was first announced on Saturday evening.

Stocks closed higher on Friday. The Nasdaq Composite and S&P 500 finished last week with gains. The market was closed Monday due to Memorial Day.

Investors will also turn their attention to May jobs data out on Friday, while the April Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics will be released on Wednesday.

Portfolio:

We enter this beautiful new week holding set-ups in NU, ARRY, and ASX.  All look fantastic and ready to move higher technically.  Queue is igniting with force, we cleared 4200 and want it to hold and now move towards 4350.  Dare we break above 4350 and hold it…we have ourselves a monster rally building.  Whether folks want to believe it or not, it's right there in front of you and it'll be the pain trade as so many continue to try and short this market.  Let's continue to explode with profits.  Be ready!