August 12, 2024

Markets:

U.S. equity futures ticked up Monday as investors braced for key inflation data — after almost completely reversing its violent market rout last week.

Investors this week hope to get a better sense of the state of the economy after recent fears of a job market slowdown spooked traders and rocked the market. On Tuesday, they’ll be watching the July producer price index report, followed by the consumer price index Wednesday, for more confirmation that price growth has continued to stabilize. July retail sales are also due out Thursday.

Cryptocurrencies slid on Sunday evening as the market struggled to find its footing.

Bitcoin’s pullback began early but intensified at about 4:30 p.m. ET. The cryptocurrency was last lower by 4% at $58,329.00, according to Coin Metrics. It bounced back above the $60,000 level at the end of last week. Ether fell 2% to $2,543.03.

Earnings to watch this week: BABA, CSCO, ONON, MNDY, SE, HD, AMAT, WMT, and JD to name a few.

Portfolio:

We enter this new trading week holding set-ups in LUMN, ZETA, SOXL, and TSLL. It's still remarkable to think about where the market started last Monday and to see where it ended. From capitulation type of selling to rebounding to end the week higher. We would not be surprised to see us chop around for a few weeks before making new highs. We are more than confident the highs for the year have not been set yet. In fact, we would be shocked if they were. But we will respect the trend lines we continue to share. So far, bullish channel once again in play with a close above 5320 that we pinpointed last week. Now let's see us build.

Queue is active and we have a monster week of data in play led by key inflation reports and retail sales. Be on alert and ready to act this week but remain patient. Soon the runway will be cleared to load up and take advantage of this market. Let's have a great trading session!