June 28, 2024

Markets:

S&P 500 futures climbed Friday as traders digested fresh personal consumption expenditures price index data. They are also counting down to the end of what has been a strong first half of the year.

Inflation stats have been considered paramount by markets participants as they try to guess when the Fed will begin cutting interest rates. The core personal consumption expenditures index rose 0.1% month over month. Year on year, it gained 2.6%. Those increases were in line with Dow Jones consensus estimates. The year-on-year increase is also a decrease from the 2.8% advance seen in April.

Those are some of the final potential market catalysts for the first six months of 2024, which officially concludes with Friday’s closing bell. It is a day full of noteworthy data, as it marks the end of the trading week, month, quarter and half year.

The technology-heavy Nasdaq Composite has led the way over the first half, climbing around 19% as artificial intelligence craze captured investor excitement. The broad S&P 500 has jumped nearly 15%, while the blue-chip Dow has lagged with a gain of just under 4%.

Portfolio:

Very nice week and today marks the end of the trading week, month, quarter and half year. Curious to see if we will continue to see some window dressing and or sector repositioning amongst traders / funds.  But our overall theme and thesis remain, in fact it's on strengthened this month.  As we've been stating for the past year, the election cycle and AI tech revolution will be a driver in this market and the next 12 to 24 months will create some of the greatest trading opportunities we have seen in decades.  It's already begun but we are still in the early stages and few understand this as to whats occurring.  I feel sorry for those who continue to chase a market top or look for any reason to try and short this market right now.  

No changes needed for our current holdings with ENVX, NVDA, PLTR, GBTC, and MARA.  Although it's Friday and we typically do not like to add new set-ups on a Friday, the queue is too strong with set-ups and we need to just release as they trigger.  Be ready.