August 13, 2024

Markets:

U.S. stock futures were higher early Tuesday as investors parse this week’s first batch of key inflation data and weighed fresh earnings.

The producer price index — a measure of wholesale prices — increased 0.1% last month. Economists expected the reading to show a monthly gain of 0.2% in July, in line with the previous month’s reading, according to Dow Jones consensus estimates.

The consumer price index that’s expected out Wednesday is anticipated to show an increase of 0.2% last month, up from a 0.1% decline in the prior month. The data could give an uncertain market some direction after last week’s wild moves.

Wall Street is coming off a choppy session, which struggled to build on the comeback rally at the end of last week. The S&P 500 ended flat, eking out a gain of just 0.23 points. The Nasdaq Composite rose 0.21%. Meanwhile, the Dow Jones Industrial Average fell 0.36%.

Investors got more data that supports the case easier monetary policy down the road.

Coffee chain Starbucks announced a surprise CEO change on Tuesday morning, bringing in Brian Niccol from Chipotle Mexican Grill.

Portfolio:

Big move so far in premarket as key inflation data came in better than expected. We enter the session holding set-ups in SMTC, ZETA, SOXL, and TSLL. Would love to see SPY trade and hold above 538 over the next several sessions. That would be extremely bullish, especially after where the markets were in premarket last Monday.

Queue is igniting with force and we will be looking to add as follow through in premarket is triggering a few set-ups. Be ready today.  Also, as we stated last week and this is for our technical enthusiasts – take a further look at at the Q's and SPY and see what we can build and launch too.  Extraordinary room higher to end 2024 and begin 2025 should this build as expected.  Keep in mind we have a key component also taking place in a few weeks, NVDA earnings.  Should NVDA deliver and provide an exciting AI update, we are off to the races with tech.  AI is only getting started, this is early stages and the tech revolution will lead this market for the next few years.  Just wanted to share what we feel is building technically, amazing to see these charts build out right now.