September 27, 2024

Markets:

Futures tied to the S&P 500 were little changed on Friday as stocks headed for a winning week. Traders also digested new data that pointed to further progress in lowering inflation. The three major indexes are higher for the week, with the S&P 500 up nearly 0.8% and the 30-stock Dow Jones Industrial Average on pace to rise 0.3%. The Nasdaq Composite is on track for a roughly 1.4% week-to-date advance.

Traders also received encouraging inflation data that could give the central bank more reason to confidently cut interest rates further. The August’s personal consumption expenditures price index increased 0.1%, matching expectations from economists polled by Dow Jones. PCE increased 2.2% at an annualized pace, below the 2.3% forecast.

The so-called PCE is the Federal Reserve’s preferred inflation metric, and policymakers and Wall Street alike are hoping for figures that show a cooling trend.

Wall Street is coming off a winning session, after a batch of economic data assured investors of the strength of the U.S. economy. Initial jobless claims had fallen more than expected, indicating a strong labor market, while the final reading of second-quarter gross domestic product came in at 3%.

Portfolio:

What a week. Technically, the longer dated outlook / trend is just a monster thats developing. Yesterday, read a comment that absolutely made me chuckle while strengthening the notion that folks truly still do not understand the cycle that's developing with tech and AI and the changes that will come to our world over the next several years. The comment; "if you're trading AI stocks now, you are late!" This one I pinned. But this is exactly what I love to see to know that the chase for these stocks and performance has yet to even begin. That's still a few years away possibly. They fail to see the companies that are making true progress and the race that's taking place to provide the technology to support AI. In any case, this is once again your friendly reminder to please know we are in the beginning stages of a huge cycle. Invest/ trade and take advantage of this period ahead as much as you can.

The start of the 4h quarter begins next week, our favorite quarter of the trading year. We move into next week holding set-ups in NIO, U, TNA, LUMN, and CPNG. As stated, we might be looking to add today so be ready.