March 20, 2024

Markets:

S&P 500 futures were flat on Wednesday following a winning day for the major averages, as investors awaited the latest Federal Reserve policy decision.

Intel rose more than 3% on news that the White House plans to award the semiconductor company $8.5 billion in CHIPS Act grants. Chipotle Mexican Grill popped 6% after announcing a stock split.

Investors eagerly await the Federal Reserve’s latest rate decision, with the central bank broadly anticipated to keep interest rates unchanged at the conclusion of its two-day policy meeting. However, investors will scan the dot plot for insight into the number and timing of rate cuts, with many anticipating the central bank will start lowering rates in June.

The Japanese yen hit a four-month low on Tuesday to hit 151.3 against the greenback after the country’s central bank made a landmark policy shift to its monetary policy. This is its lowest level since it hit 151.71 on Nov. 13.

If yen break’s past the Nov. 13 low, it will be at its weakest against the U.S. dollar since June 1990, when the country’s asset bubble burst.

Portfolio:

Fed day and we enter the new trading session holding positions in TSLL, SOUN, NVDL, IBIT, HIMS, and PATH. We absoutely love the price activity that has developed the last several months after FOMC. Just please keep this in mind; market swings both ways during these events and historically, the day after is the real price activity short term. You can begin to see certain sectors trend and then the overall market follows into the next week, etc.. Technically, this market absolutely refuses to break. Do not fight the trend and your friendly reminder to not chase the day to day narratives but rather trade the overall trend. Stay patient today. Let's see what the Fed says and the reaction develop. Monster opportunities will ignite after this….always does!