May 16, 2024

Markets:

Stock futures rose marginally Thursday after a lighter-than-expected inflation reading propelled the major averages to record highs.

The three major averages closed at records on Wednesday, with the S&P 500 breaking above 5,300 for the first time.

The so-called meme stocks are poised for a second day of decline following a speculative rally in the beginning of the week. GameStop and AMC
both fell more than 10% in premarket trading Thursday.

While the swift rally earlier this week turned heads on Wall Street, the retail interest in these meme names pales in comparison with the epic mania three years ago.

European markets opened mixed Thursday as a slew of earnings weighed on a relief rally for global markets following softer-than-expected U.S. inflation data.

Portfolio:

Really methodical how this all came together over the past several weeks. We went from Iran bombings, rates, Fed, calls for a severe market pullback to now new sector highs and the technical rally continuing to build. Sure it hurt going through that downturn but now we recycle and the vision and navigation were spot on with the market wanting higher and not getting caught into thinking we needed to selloff. So many continue to doubt this market, which is understandable, but you should not fight the trend and the opportunity that will be provided to us over the next year. The tech cycle is 100% real and what's to come is still not understood by the majority. Forget the chase for performance, that cycle has yet to begin. Throw in the election cycle to come and the ingredients are all there for an absolute clear sky breakout.

We enter the new session holding set-ups in IONQ, AI, PLTR, TSLL, and PATH. We now are receiving indicators that are becoming more aggressive and we love to see this. The market is beginning to produce setups on launch pads, like the ones we pointed too the other day with the intra-day update. Be ready!