September 12, 2023

Markets:

Stock futures fell Tuesday morning, under pressure from rising oil prices. Meanwhile, Oracle shares dropped 10% in extended trading.

Oil prices weighed on sentiment raising fears about sticky inflation and slowing global economic activity. U.S. crude prices touched the highest since November of last year, according to FactSet. Chevron shares were among the few premarket gainers.

In the only economic data point of note, the NFIB Small Business Index nudged lower to 91.3, down 0.6 points and slightly below the Dow Jones estimate of 91.5.

The moves following a winning day on Wall Street. The Nasdaq Composite led the three indexes with a gain of 1.1%, while the S&P 500 and Dow added about 0.7% and 0.3%, respectively. It was the second positive session for the S&P 500 and Nasdaq, and the third for the Dow.

Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday.

Portfolio:

Another outstanding day for us yesterday and we've had a monster start to this new trading month. We enter todays session holding set-ups in UPST, ATEN, CXM, and WW. Patiently allowing price to materialize a bit more and we should see a new opportunity or two trigger today. Queue continues to ignite. Software continues to ignite, and we've been leading that charge. New sectors are also coming into play. Next several months will be outstanding as rotation begins.