November 14, 2024

Markets:

U.S. stock futures rose slightly Thursday, as investors tried to recapture the postelection momentum that brought the major averages to record highs.

On Wednesday, the 30-stock Dow and S&P 500 closed out the regular session near the flatline, with the former rising 47.21 points, or 0.11%, and the latter eking out a 0.02% gain. The Nasdaq Composite ended the session down by 0.26%. Those moves come after the October consumer price index came in as expected, but nevertheless signaled the Federal Reserve’s fight against inflation is yet to be won. Core CPI rose by 0.3% for a third straight month, with the 12-month rate at 3.3%.

Investors are deliberating whether a postelection rally following Donald Trump’s decisive victory last week still has room to run after powering the major averages to new milestones. The Dow closed above 44,000 for the first time on Monday, and both the S&P 500 and Nasdaq Composite notched new highs.

On the economic front, the October producer price index will be released Thursday, and the retail sales report is due out Friday. Fed Chair Jerome Powell is set to speak Thursday in Dallas, Texas.

Portfolio:

We enter the new session with so much to dive into but the key aspect here; stay patient! This choppy type trade this week is expected and let's get through OPEX. Let's dive into today. October producer price index will be released and Fed Chair Jerome Powell is set to speak Thursday in Dallas, Texas at 3pm. Short term targets at 590 and once that gap is filled have to reassess how the market is looking and could be the area we load with both hands. Paytience here.

No changes needed with current holdings in GME, TSLL, and MBLY. Queue showed the most activity yesterday but trying to wait a bit to see if we get the 590 test this week. With OPEX tomorrow, we think we will see a wild swing in price over the next two sessions. It's typical playbook activity during these periods. Be ready today.