July 27, 2023

Markets:

Stock futures rose Thursday after the Dow Jones Industrial Average notched its best win streak going back to 1987.

he Dow on Wednesday rose for a 13th straight session to notch its longest win streak since 1987, and could make history books Thursday if it closes higher. A 14-day streak for the 30-stock index would tie its longest positive streak on record going back to June 1897. The Dow was created just a little more than one year prior, in May 1896.

Gross domestic product showed a rise of 2.4% in the second quarter. Economists polled by Dow Jones were expecting a rise of 2%.

Meta Platforms shares popped more than 8% on better-than-expected results and strong guidance. The company’s numbers were boosted by a rebound in ad revenue. McDonald’s
shares rose about 2% after an earnings beat driven in part by a rebound in China sales. Meanwhile, Chipotle Mexican Grill dropped about 9% as sales fell short of estimates.

Earnings results have been stronger than expected. Of the companies that have reported thus far, 81% have beaten analyst expectations, according to FactSet data.

U.S. Treasury yields were up slightly on Thursday as investors considered the outlook for interest rates after the Federal Reserve’s latest interest rate decision and comments from central bank chief Jerome Powell.

Portfolio:

We enter this monster session holding positions in RIVN, KEY, TSLL, MNSO, and S. We expect to book a few profits today and possibly release a new trade. We want to continue to position ourselves for the move we expect to continue to form over the next few months. We've nailed every line turn and it continues to build. This is just starting. The recession theme and market crash theme will only fuel this. Cannot wait to see how that GDP number is spun negatively. Let's continue to pinpoint opportunity. We just need a bit of patience at time to allow everything to materalize. Let's have a great day.