October 10, 2024

Markets:

U.S. stock futures slipped Thursday as investors looked ahead to the release of September’s consumer price index report.

September’s CPI report is due at 8:30 a.m. ET, with investors looking for further signs that inflation is on a cooling trend. Economists polled by Dow Jones anticipate a 0.1% increase on a monthly basis, and a 2.3% advance over the prior 12 months.

The result will also inform the Federal Reserve’s next steps on policy at its November meeting. Fed funds futures trading data suggests a roughly 70% likelihood of a quarter-point cut, according to CME Group’s FedWatch tool.

Other economic releases due on Thursday morning include weekly initial jobless claims.

Portfolio:

It's all about CPI today and earnings season begins tomorrow! Beyond excited for the next several weeks and what can develop to set the stage for months to come. Technically, our market analysis and prediction is spot. One thing to note that we saw a bit yesterday of was rotation into gamma squeeze plays while SPX cools a bit. This would be ideal. I would personally be shocked to see the markets fully breakout leading into the election, but this market has proven to be stronger than most anticipated. Right now, all scenarios are on the table but technically higher lows / consolidation continue to build. We have someone tightly coiled names just ready to explode higher.

We enter todays session holding setups in IONQ, CELH, NVAX, and TSLL. Patience today and let's see if any sector rotation occurs early on and also if the gamma squeeze plays come front and center. Be ready today.