August 30, 2023

Markets:

Stock futures ticked higher Wednesday, putting Wall Street on track to build on a three-day winning streak.

Wednesday’s moves come as traders pore over disappointing payrolls data. ADP said private employers added 177,000 jobs in August. That’s well below a revised July number of 371,000. It also missed a Dow Jones estimate of 200,000.

This is the second day investors appear to treat weaker-than-expected economic data as good news for stocks.

On Tuesday, the major U.S. stock benchmarks rallied following the release of disappointing consumer confidence figures and a bigger-than-forecast drop in U.S. job openings for July. This sparked hope among traders that the Federal Reserve could lighten its policy stance sometime soon.

U.S. Treasury yields rose on Wednesday, recovering some of Tuesday’s losses, as investors considered the state of the economy after the latest data releases. That includes the consumer confidence index, which came in far lower than previously expected at 106.1 on Tuesday.

Portfolio:

Nice day yesterday for our holdings and they continue to build and develop. Technically, market continues to build for a greater path of what's to come this Fall for the market. Truly hope folks see the technical pattern and what continues to build. Obviously, it can change, and we are open to it. Just remember what we believe will continue to be the pain / chase trade. No update / changes needed on current positions; S, IOT, COUR, NNDM, and CVE. We will be looking to potentially a new trade or two as queue is igniting. We do want to remain patient until after Labor Day, when full volume to this market returns. We fully expect tomorrow afternoon to begin a turn for an even lower volume type of market as traders begin a long holiday weekend. Stay patient here. Just a friendly reminder and have a great session.