February 1, 2024

Markets:

S&P 500 futures rose Thursday following a dismal day for the major averages after the Federal Reserve held steady on rates but signaled that a March cut is unlikely.

Wall Street is coming off a poor session. The Dow Jones Industrial Average fell 317 points, or 0.8%, posting its worst day since December. The S&P 500 slid 1.6% in its worst day since September. The Nasdaq Composite lost 2.2%, its worst session since October.

Those losses come after Fed Chair Jerome Powell in his post-meeting conference discouraged investor hopes for a rate cut as soon as March, sending equities tumbling.

On the economic front, investors will turn their attention to weekly jobless claims, the ISM manufacturing index and construction spending reports on Thursday. The January jobs report is set to release Friday.

Tonight we receive earnings reports from AAPL, AMZN, and META.

Portfolio:

We enter the new trading session holding set-ups in STNE, SOXL, and IOT.  The price activity was poor but nothing technically has changed.  In fact, as ugly as yesterday was, would not be surprised to see a positive return from the voerall market by tomorrows close.  Very dependent on the earnings tonight but you almost feel like they were looking for a reason to hurt the weekly calls and then ramp it.  Absolutely love how CNBC immediately rolled out every bear yesterday after the Fed.  The same people that were calling for a pullback and receission all of 2023 and missed every move higher.  This is why we state; silinece the noise and follow the trend.  Tought days happen, now we adjust and move forward with what is to come over the netx few weeks and months.  This is how you profit.  Be ready today and after tonights release, we have our pathway for the next few months as we stated we would after this week.