May 14, 2024

Markets:

Stock futures slipped on Tuesday after April’s producer price index came in higher than economists’ expectations.

The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated.

Stock futures gave back earlier gains after the data release, while bond yields ticked higher. The stock decline was contained as the March wholesale prices reading was revised down to show a 0.1% decline, easing some of the inflation concerns. Traders may also be hesitant to overreact to this report ahead of the more closely followed consumer price index, due to be released Wednesday.

Copper stocks popped in Tuesday’s premarket as the metal reached multi-year highs.

Shares of meme stock favorites GameStop and AMC soared in extended trading on Monday, following sharp moves earlier in day spurred by the re-emergence of “Roaring Kitty.”  Keep an eye on this!

Powell speaking at 10am today.  Stay patient.

Portfolio:

We enter this new trading day holding positions in WULF, PLTR, NVDL, TSLL, and PATH.  Booked a nice profit yesterdya in S and now we proceed.  Holdings moving well now and we worked through a few positions after the rug pull we suffered in the markets a few weeks ago.  Now the markets are rebuilding and technically they are setting themselves up for a monster move higher – as hard as that might seem for many!  Just see it technically, do not fight the trend and welcome the opportunity this will present.  Potential life changing type of opportunity.  Watching key levels today off of Powell in about an hour.  No reason to front run a move ahead of Powell.  Be ready and stay patient.