May 20, 2024

Markets:

U.S. stock futures ticked higher on Monday, after the Dow Jones Industrial Average closed above the key 40,000 level for the first time last week.

The Dow first hit the 40,000 level during Thursday’s trading session, but posted its first close over the threshold a day later when it added 134.21 points, or 0.3%, to end Friday at 40,003.59.

Artificial intelligence names are due to steal the spotlight this upcoming week, with Lee highlighting several potential catalysts, including the Microsoft Build event from Tuesday to Thursday and Nvidia’s fiscal first-quarter results, due Wednesday afternoon.

Palo Alto Networks, AutoZone, Target, Analog Devices, Intuit and Ralph Lauren will post their results in the upcoming days. The minutes from the Federal Reserve’s April 30 to May 1 meeting are due on Wednesday. Investors will also watch out for the latest readings on several pieces of economic data including existing home sales, jobless claims and durable goods orders.

Federal U.S. debt has swelled to $34.5 trillion, up about $11 trillion from March 2020, raising concern in Washington and Wall Street.

Portfolio:

New trading week and beyond excited for where we sit technically and what can develop from here.  Very few people seem to understand what can develop for us.  Also, throw in NVDA earnings on Wednesday and we have ourselves a monster week ahead.  

We enter the new session holding set-ups in NVDL, IONQ, AI, PLTR, TSLL, and PATH.  So many moving in right direction this morning and queue continues to ignite.  The time is here folks.  Lock in!