May 13, 2024

Markets:

Stock futures rose slightly Monday, with Wall Street looking toward fresh inflation data this week.

Investors will look for insights into the Federal Reserve’s monetary policy moving forward with April’s consumer price index report due out on Wednesday. Traders hope that a return to rate hikes is largely off the table for the Fed despite a slew of hotter-than-expected inflation prints in recent months.

April’s CPI print will serve as a key gauge of whether equities can remain on stable footing after a stronger-than-expected first-quarter earnings season.

Results so far have helped stocks remain resilient despite the inflation overhang. 92% of S&P 500 companies have reported as of Friday, with nearly 80% of firms surpassing Wall Street forecasts, per FactSet data.

GameStop shares rallied more than 37% in the premarket after “Roaring Kitty” posted for the first time in roughly three years. The post, a picture on X of a video gamer leaning forward on their chair as to indicate he’s taking the game seriously, marked Roaring Kitty’s first post on the platform — or on Reddit— since 2021.

Portfolio:

We enter the new trading day holding set-ups in WULF, PLTR, NVDL, TSLL, PATH, and S.   So much is happening this morning in premarket from upgrades, earnings, expected Fed this week, as well as the return of Roaring Kitty who started the meme craze with GME. Oddly enough, GME has seen insane price action this past week. Will be interesting to see what develops here and sectors that could possibly race with it short term.

They chopped the market down on Friday and induced some pre-cpi fear. Our upside target on SPY is 526 this week but we much rather see this hit after PPI/CPI and not before. Levels of support 520/518. This are few key lines we are looking at early on. Keep in mind, the runway continues to build and next hurdle is 526. Once it clears and holds, we begin next level opportunity creation.