June 16, 2023

Markets:

S&P 500 futures inched higher Friday as Wall Street closes out a huge week after investors got the pause in rate hikes from the Federal Reserve they were hoping for and encouraging inflation data.

The S&P 500 is up nearly 3% on the week, its best performance since March.

The Nasdaq Composite is up nearly 4% on the week, its best week since March.

The Dow Jones Industrial average was up 1.6% for the week, its third positive week in a row.

The Federal Reserve delivered what investors wanted this week when the central bank on Wednesday left rates unchanged after 10 consecutive hikes. While the Fed signaled that two more rate increases were coming this year, many traders and economists on Wall Street believe they could be nearly done. Earlier in the week, the May consumer price index came in a the lowest in two years.

Market participants will watch Friday for consumer sentiment data due in the morning.

 

Portfolio:

The hated rally continues and the pain trade continues to build.  This is just beginning.  As we've been pinpointing out every line since January, the real pain begins after 4350 on the S&P.  A bit more push higher and watch the flip and the chase begin.  It's just beginning!

We enter the last trading session of the week holding positions in APLD, ARLO, PATH, DKNG, and NIO .  Love these set-ups for the coming weeks.  Queue continues to ignite with a force.  Opportunity!  Be ready today but especailly early next week.  Let's end it strong!