June 24, 2024

Markets:

Stock futures inched higher on Monday as the market is set to enter the last week of June and the first half of 2024 near record highs.

The S&P 500 scored an intraday record of 5,505.53 on Thursday and posted another winning week. The equity benchmark gained 0.6% last week, notching its eighth positive week in nine. However, signs of exhaustion have started to emerge recently particularly with market heavyweight Nvidia’s back-to-back sell-off.

Still, the enthusiasm surrounding artificial intelligence has lifted the market significantly this year even as investors grappled with shifting expectations for rate cuts and a slowing economy. The S&P 500 has advanced almost 15% this year after notching 31 record closes.

Investors will closely monitor May’s personal consumption expenditure data, the Federal Reserve’s preferred inflation gauge, which is set to be released Friday morning.

There are also a number of key companies earnings this week, including FedEx, Micron, Walgreens Boots Alliance and Nike.

Portfolio:

Last trading week of the month and quarter. Expect sector rebalancing and expect opportunity this week to add for Q3 and the month of July. At times, some of the greatest opportunities are created from weeks like this.

We enter the new session holding setups in SIRI, TSLL, GBTC, and MARA.  Adjust your stop on GBTC to 52.50.  This is our last adjustement we will make here. Once again market participant psychology continues to fascinate me. Few wanted to be long at the end of March and also the end of April. From war scares to market weakness, to overbought, to technical breakdown, etc. We heard it all. Then we began to scream higher, and narrative changed. Last week the narrative began once again with overbought and need to selloff as we enter quarter end / month end cycle. Typically, during these narratives being pushed, someone is accumulating a handful of stocks or a sector which then propels higher shortly thereafter. We will be watching for this closely all week. Be careful with the narratives always being pushed. Be careful chasing day to day price movement. What matters is always what's happening under the hood. Technically, the trend clearly remains. Be ready this week!