May 10, 2024

Markets:

U.S. stock futures rose Friday, putting the the Dow Jones Industrial Average on track for another winning session.

The Dow enters Friday riding a seven-day winning streak, its longest since a nine-day run seen in December. The S&P 500 also advanced Thursday, closing above 5,200 for the first time since early April.

Investors have been more optimistic lately after the Federal Reserve indicated the next move is unlikely to be a hike, pointing to a cap on interest rates that could be bullish for equities. A strong earnings season, as well as some softer labor data, have also bolstered confidence in the stock outlook.

A slate of central bank officials are scheduled to speak Friday, including Fed presidents Lorie Logan of Dallas, Neel Kashkari of Minneapolis and Austan Goolsbee of Chicago. Fed Governor Michelle Bowman will also make an appearance.

The percentage of individual investors who are neutral — neither bullish nor bearish — about the outlook for stock prices over the coming six months widened to 35.4% from 29% in the latest survey from the American Association of Individual Investors, the highest such reading since last September and above the historical average of 31.5%.

Portfolio:

Two weeks ago the narratives were so bearish and yet here we are again working this bullish cycle and printing higher lows.  We enter the new session holding set-ups in WULF, PLTR, NVDL, TSLL, PATH, and S.  Queue is igniting and now that we worked through that poor price activity and trend has solidified once again, we can proceed with the markets.  Several months ago we spoke of the possibe clearance on the S&P and the next stage it would present us in the form of monster trading opportunities.  We would love to see 5280 , 5300, and then 5400 and hold it on the S&P.  The Q's, we need to get above 443, 447, and then hold 450.  These are the levels we are closely monitoring.  So many new sectors are now brewing and becoming super hot with opportunity. Next week should confirm these new possible trends / opportunties.  Please be ready.  Although it's Friday and we're not fans of new trades on a Friday, we might have our hand forced with too strong of a trigger.