February 28, 2024

Markets:

Stock futures ticked lower Wednesday as investors looked ahead to a key inflation report due later this week.

Wall Street is coming off a mixed session. The S&P 500 and Nasdaq Composite rose slightly, while the Dow declined.

The S&P 500 and the Dow are off the highs they just notched late last week, but investors may want to think twice before they aggressively ramp up on equities.

Investors are looking toward the personal consumption expenditure reading for January on Thursday, which is the Federal Reserve’s preferred measure of inflation.

The U.S. economy grew at a slightly slower pace in the fourth quarter of 20234 than previously reported, according to a revision the Commerce Department released Wednesday.

Gross domestic product accelerated at a 3.2% annualized rate adjusted for seasonality and inflation, 0.1 percentage point than the initial estimate. The downward revision came primarily due to smaller than expected private inventory investment, which offset upward revisions in local government and consumer spending.

On the inflation front, the personal consumption expenditures price increased 1.8% in the quarter on headline and 2.1% for core excluding food and energy, both 0.1 percentage point higher than the initial estimate.

Portfolio:

We enter the new trading session holding set-ups in SOFI, NU, PATH, TSLL, and PLTR. Yesterday, the majority of our positions strengthen technically. 

It's all about the inflation report tomorrow before the open. Last time we were in this position we sold into, a bit after it, than ran to new highs. Patience here. Continue to trade where the trend is. Do not get caught with the day to day moves. This market will hurt those type of traders. Position yourself for the overall move and stay within the pattern. Cannot stress that enough. Be ready and let's have a great trading day.