February 23, 2024

Markets:

Stock futures hovered around flat Friday, after the S&P 500 and the Nasdaq Composite posted their best day since early 2023.

In premarket trading, Block surged more than 13% after fourth-quarter revenue surpassed Wall Street estimates. Carvana climbed 32% after the used car retailer said it expects retail units to grow in 2024.

During the regular session Thursday, the major averages roared in a rally powered by Nvidia. The chipmaker soared 16%, catching a tailwind from winning quarterly results.

All three major averages are also now on track for winning weeks: The S&P 500 is pacing for a 1.6% advance, while the Nasdaq has gained 1.7%. The Dow is up 1.1% for the period.

Fed Governor Christopher Waller spoke after the close Thursday and underlined the central bank’s position that policymakers will move carefully as they contemplate their next moves on monetary policy. Waller said hot January inflation reads raised the possibility that cuts may have to be postponed. He said he will need to see “at least another couple months” of inflation data before deciding how to proceed.

Portfolio:

Monster session yesterday and all set-ups are emerging now with force after a tough few sessions leading into NVDA earnings. Technically, this market now continues to build and the hated rally continues! We should be rewarded now over the next week with taking a few profits and added new setups. The markets have a very nice runway leading into FOMC in March. We want to see 5100 taken and held. Can you imagine not participating in this cycle and being told to short it? This has been the theme now for over 6 months now. There is still so much money on the sidelines and the chase for performance will be massive into the end of Q1 and especially Q2 by funds. This will be a perfect segway into the election cycle as well as the evolving AI cycle. With that said, cannot wait for Nividia event from March 18-21. It'll be the premier AI event in 2024 and will provide so much insight and opportunity into not only what Nivida is doing but you'll be able to see the potential for the sector as a whole. Monster opportunity ahead! This is why the chase for the end of Q1 performance can be absolutely spectacular.

We enter the last trading session of the week holding set-ups in PATH, SOUN, TSLL, and PLTR. Queue is igniting and we love our set-ups heading into the next week. Be on alert today but especially Monday, the start of a new full trading week. One trend to keep in mind today, since October, 3 out of 4 Fridays have been green each month. For this trend to continue, today must be green. Let's see if the trend continues! Let's have a great trading session.