June 9, 2023

Markets:

U.S. stock futures were flat Friday after the S&P 500 notched its highest close for 2023, as investors looked ahead to new inflation data set for release next week, along with the Federal Reserve’s latest policy announcement.

Investors were encouraged by signs that a broader swath of stocks, including small-cap equities, was participating in the recent rally — though some market participants warned that those gains may not last.

The S&P 500 is on pace for its fourth straight positive week for the first time since last August, with the broader index higher by nearly 0.3% as of Thursday’s close. The Dow is headed for a second consecutive week of gains for the first time since April, up 0.2%.

On the other hand, the Nasdaq Composite is on pace to break a six-week winning streak, down slightly by 0.02%.

U.S. Treasury yields rose on Friday as investors looked ahead to the Federal Reserve monetary policy meeting on June 13 and 14, where officials will announce a fresh interest rate decision.

Portfolio:

Another strong week coming to a close and we enter the last trading session of the week holding positions in IQ, APLD, NU, and ARLO.  As we stated yesterday morning; love the folks who continue to try and call tops and sell-offs.  They are the exact folks who continue to fuel this move higher. For the last 650 points to the upside on the S&P they've been chasing this short.  Cannot stress this enough, get above 4300 and some pain starts to really happen.  Break and hold 4350 and it's lights out for the bears and bulls have complete control.  In fact, above 4350 and we have the greatest rally of the year on hand.  Should be a monster path and we would love to see it.  Cannot wait for next week and the FOMC rate decision.  Last few have been a massive driver of opportunity.