August 26, 2024

Markets:

Stock futures were little changed Monday as investors look to push equities back to record-high levels now that the Federal Reserve indicated that rate cuts are forthcoming.

Stocks are coming off of a strong week that was highlighted by comments from Fed Chair Jerome Powell that interest rates cuts are on the horizon. Wall Street has been anxiously awaiting a rate cut, especially in light of some worrying economic data that sparked a sell-off at the beginning of August and worried investors that elevated borrowing costs could damage the U.S. economy.

On the economic front, initial jobless claims are due out on Thursday at 8:30 a.m., followed by the July personal consumption expenditures reading on Friday.

Portfolio:

It's NVDA week with earnings set for Wednesday after the close. We also have high interest in OKTA and DELL's earnings this week. Last week was an extremely interesting week with a ton of opportunity setting up but it's all about NVDA now and the stage it will set for semi's and AI. What's interesting is seeing the ramp into IWM and small caps right now. Could be a bit of risk off in Q's before NVDA and finding a home in small caps next few sessions. Watching this theory a bit today. Lots of opportunity in small caps right now. Technically, as we stated last week, next stop on SPY is 565 – 566 level. A break and hold above there and next runway ignites.

No adjustments needed in current setups of SIRI, MARA, ASTS, NIO, ZETA, and TSLL. Be ready today, stay patient to open the week and let's see where rotation and key levels ignite. Outstanding month thus far, lets close it strong and set us up for a monster September. Cannot be any more excited for the next few months to close 2024 and the opportunity that is being created.