September 6, 2024

Markets:

S&P 500 futures wobbled Friday as investors assessed a weaker-than-expected August jobs report and its implication on U.S. monetary policy.

The jobs report showed payrolls grew by 142,000 in August. Economists polled by Dow Jones expected a gain of 161,000. However, the unemployment rate edged down to 4.2%, in line with expectations.

The data is expected to a play pivotal role in the Federal Reserve’s monetary policy decision later this month. A recent bout of weak labor data has fueled concerns about the health of the U.S. and spooked some investors. However, markets remain optimistic that the Fed will cut rates by at least a quarter-percentage point at the conclusion of the September policy meeting.

Portfolio:

We enter the final session of the week holding set-ups in SOXL, ASTS, ADMA, and TSLL. We continue to build here and want to see this market come out of this range before we go full mode attack on it. Futures going green now after being down about 1.3% a few hours ago. Wild swings we are seeing. Remember at the start of the week we provided price pints on SPY and S&P. Once we lost 5600 we wanted to see where we would hold and the next strong line was 5480 area. Touched and now bouncing. This is the next line to see now what builds. Again, higher lows continue to be the theme with any run higher, pullback, and then build higher once again.

Markets have been super sloppy all week. But, in range! Just stay patient here and the reward will be for those prepared and ready to take advantage of once we bounce or break from the range – which is coming – always does!  This is where our service and community always excel.