November 13, 2024

Markets:

U.S. stock futures were marginally higher Wednesday as investors look to keep a postelection rally going after a key inflation report was inline with expectations

The October consumer price index accelerated a tad to a 2.6% annual rate, matching the consensus estimate from economists polled by Dow Jones.  Core prices, which exclude food and energy from the reading, rose 3.3% last month, which also matched estimates. After the number, a majority of traders were still betting that the Fed would cut rates again next month, according to fed fund futures contracts.

Tesla, which has been among the biggest winners following the election, was up again by 3% in the premarket. Bank shares too were slightly higher.

Other notable economic data releases later this week include the producer price index data and retail sales numbers, which will be announced on Thursday and Friday, respectively.

Portfolio:

We enter the new trading session holdings setups in GME, TSLL, APLD, and MBLY.  Very nice week so far and we anticipated a bit of turbulence this week as we head into OPEX this Friday.  We used the volatility to add two new opportunities yesterday and today will be looking into a few new sectors which triggered pretty big massive buys yesterdays.  Interested to see if we have follow through before we move in.  

Market consolidating nicely which is extremely positive for the year end move we expect.  Looking at the internals we feel a gap and fade might be in order, although we have other paramaters building which could be bullish to end the week.  Everything is on the table this week and this price activity is anticipated before the next push.  Patience here.  Be ready today.