November 30, 2023

Markets:

U.S. stock futures rose Thursday as all three major stock indexes prepared to wrap a winning November.

Salesforce and Snowflake popped 9.2% and 8.6%, respectively, on the back of better-than-expected earnings. Sentiment also got a boost Thursday after new data out of Europe showed inflationary pressures are easing.

The major averages remain on track to close November with sizeable gains, which would end a three-month losing streak for the indexes. The S&P 500 is up 8.5% in November, while the Nasdaq has advanced nearly 11%. Both averages are tracking for their best monthly performance since July 2022. The Dow is up 7.2% in November, on pace for its best month since October 2022.

Oil price rose Thursday morning amid reports that OPEC and its allies will likely agree to a preliminary production cut of 1 million barrels per day for early next year.

Annualized inflation in the euro zone expanded by 2.4% in November, less than a Reuters estimate of 2.7%. It’s also well below an October reading of 2.9%. Core inflation also increased less than expected.

Portfolio:

We enter the last trading session of November holding set-ups in PATH, FIGS, IONQ, and ASAN. 

With today being the last day of the month, we expect a bit of price fluctuation. Stay patient and remember, our goal now is to position for the runway we see to close 2023 and begin 2024. Our trend lines remain and we have a new line to the downside to respect; 4546. We want to see 4600 to the upside. A break and hold higher there and we have next level movement. We do expect it, this would only build on the pain trade theory. If you recall from a premarket we sent a month ago, funds are still underinvested. The chase into year end and the beginning of 2024 can be epic should we cross and hold 4600 on the s&p. This should carry us into the election cycle. The election cycle for traders is one of our favorites. We only get to expose these every 4 years obviously. It lasts about 6 months and can be explosive This is why we continue to state; the following year will be one of the greatest runways to trade. Monster opportunity ahead. Let's continue to pinpoint each trade. Let's have a great session.