June 3, 2024

Markets:

S&P 500 futures rose slightly on Monday as investors tried to carry the market’s strong May momentum into the new month.

Nvidia shares ticked 3% higher in the premarket. Wall Street is coming off a strong May, with all three major averages notching their sixth positive month in seven. The Nasdaq Composite rose 6.9%, its best month since November 2023.

However, the rally seemed to lose steam near the end of the month. The three averages all closed May more than 1% below their record highs, even with the Dow adding more than 500 points on Friday. The Nasdaq fell 1.1% last week as chip stocks, including Nvidia, stumbled.

GameStop shares were up more than 74% amid speculation that Keith Gill, who inspired the 2021 short squeeze, could have a big position in the video game retailer.

Roaring Kitty on YouTube and X, posted a screenshot of what could be his portfolio, showing more than 5 million GameStop shares worth $115.7 million. The image also showed 120,000 call options in GameStop.

Portfolio:

Wild close to the month of May and it was expected with the swings.  The last ten minutes however and the surge in buying was breathtaking to say the least.  We enter the new trading week an month holding set-ups in AMDL, TSLL, and PLTR.  We will be looking to add so please be ready.  Should be a monster month ahead to end Q2.  You see it developing!