July 10, 2024

Markets:

Stock futures were little changed on Wednesday afternoon after the S&P 500 notched a fresh record close.

Wall Street is coming off fresh record-highs for the Nasdaq Composite and S&P 500 as Federal Reserve Chair Jerome Powell cautioned that keeping rates elevated for too long could stunt economic growth. The S&P 500 edged up 0.07%, while the Nasdaq added 0.14%. The 30-stock Dow ticked down 52.82 points, or 0.13%.

Wednesday marks a light day for economic data, with a final wholesale inventories reading for May due ahead of the June consumer price index reading on Thursday. The June producer price index will follow on Friday. Many view the upcoming CPI print as a key test for the market and the outlook for rate cuts.

Portfolio:

We enter todays trading session holding set-ups in ASTS, NIO, CORZ, and GBTC.  Nice profit hit in ENVX.  We would love to add a bit more aggressive as queue is igniting but trying to be mindful of the CPI number coming to us.  The question of course is if the market is pricing in a soft CPI already.  One notable trade lot that went off yesterday was 5 million worth of NVDA 150 calls triggered on the 8/16 strike.  This is extremely bullish when we see trades like this.  There are so many strong set-ups emerging.  With earnings season on tap, we have the potential to have an absolute monster move over the next several weeks as we stated yesterday before we base and then move again.  Incredible market to be trading right now.  Let's have another strong session.