July 9, 2024

Markets:

S&P 500 futures rose slightly on Tuesday as the S&P 500 and Nasdaq Composite looked to build on their record-setting performances from the previous session.

The S&P 500 and Nasdaq Composite closed Monday’s session at all-time highs again, as investors awaited key inflation data and earnings results due out later this week.

Federal Reserve Chair Jerome Powell will testify this week before Congress as part of his semiannual update on monetary policy. Powell will speak first to the Senate Banking Committee on Tuesday, followed by an appearance Wednesday before the House Financial Services Committee.

Key inflation data is due out later this week with the June consumer price index on Thursday, as well as the producer price index on Friday.

On the earnings front, PepsiCo and Delta Air Lines are set to post results on Thursday. Bank earnings results from Citigroup and JPMorgan Chase are due out Friday.

Portfolio:

Another nice session yesterday and we enter todays session holding set-ups in ASTS, SPCE, NIO, CORZ,ENVX, NVDA, and GBTC.  Here is what we are looking for; majority are concerned for a Powell curveball and a trap being set short term for the Bulls.  Not sure we agree with that just due to the trend we continue to see and the large lots of upside positioning taking place.  What we do expect is a continued run higher as we enter an earnings vortex of higher movement!  Can see this happening with the market then basing from mid August through first week of Sep with another round of great trading movement to come after Labor Day.  Histrocial patterns and factors come into this theory but its what we think will occur.  We then will have our election cycle movement into Novemeber with a chase for performance after that to end the year.  This is why we firmly believe and continue to state the seond half of this year will be a monster opportunity for traders and the first half of 2025 will be another outstanding period to trade. We absolutely nailed the cycle from last summer on.  This is now the pattern we believe we will march too.  This is the pattern for the overall market by the way.  We have other monster opportunities in specific sectors.  Be ready today!