June 6, 2023

Markets:

Stock futures were near flat Tuesday as Wall Street digested a recent rally that led the S&P 500 to its highest level in nine months.

The market is coming off a down session, with the S&P 500 falling 0.2% after touching its highest level since August. The Dow and Nasdaq Composite also fell.

Apple’s conference also weighed on other tech names, with Intel dropping more than 4% after Apple unveiled a new chip.

U.S. Treasury yields fell slightly on Tuesday as investors reflected on recent economic developments, including the debt ceiling crisis, and considered what could be next for the economy. That includes whether there will be an economic downturn and if the Federal Reserve will pause its interest rate-hiking campaign when it next meets on June 13-14.

The pan-European Stoxx 600 index was 0.1% higher around market open. Major bourses and sectors traded across positive and negative territory, with minor gains led by a 0.7% uptick in mining stocks. Tech stocks made the biggest losses with a 0.7% drop.

Portfolio:

We enter the new trading session holding set-ups in IQ, TSLL, and ARLO.  Market continues to tease the ultimate breakout and we patiently wait.  Absolutely love to see the calls to short this market every time there is a day or two of weakness.  The amount of people chasing this short over the last 600 points to the upside on the S&P continues to amaze us.  The real pain trade comes at 4350.  Cannot stress this enough and how violent we can get to the upside should this line breach and hold.  

Queue is igniting.  Love to see this.  Be ready and let's continue to profit!