September 23, 2024

Markets:

Dow Jones Industrial Average futures were near flat early Monday after excitement over last week’s interest rate cut propelled the blue-chip index to a record closing level.

The subdued moves come after a winning week on Wall Street that centered around the Federal Reserve’s decision to lower interest rates by 50 basis points, its first cut in four years. Despite some choppiness following the initial announcement, stocks rallied in the days following.

Investors will be watching Monday for economic data on the service and manufacturing sectors. They’ll also be following speeches from Atlanta Fed President Raphael Bostic, Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari for insights into what the central bank will do next.

Portfolio:

We enter the start of a new week holding beautiful set-ups in SOXL, ASTS, CPNG, and TSLL.  Once again, queue is providing so many constructive / monster set-ups that are brewing to ignite.  A number of charts look absolutely fantastic that are sitting on launch pads.  Before we get overly excited for these set-ups we need to see a bit more follow through and then we are off to the races.  Today we receive a bit of data and do have a few Fed speeches today.  Want to respect what can be said that could impact the days movement.  

A few stocks on notice with monster set-ups brewing:  MU, UPST, SMCI, Gold sector, and all of BTC is completely coiled.  These names are on high alert for possible triggers.  MU does have earnings this week which will provide further insight into the semi's.

Great week ahead, buckle up. Stay patient today to start the week and allow price to come to us.  Be ready and on alert.