November 22, 2024

Markets:

S&P 500 futures were near flat on Friday, but the major U.S. averages remained on pace to post weekly gains. Futures connected to the broad index inched down just 0.1%, while Nasdaq-100 futures 0.2%. Futures tied to the Dow Jones Industrial Average added 8 points, trading near flat.

Nvidia the buzzy artificial intelligence stock that reported earnings on Wednesday, fell 0.5% in the premarket. Meta Platforms and Alphabet were also lower.

The moves in futures come after a positive day on Wall Street. The Dow rose more than 400 points, while the S&P 500 added 0.5%. On the other hand, the Nasdaq Composite ticked only marginally higher. All three major averages are on track for a positive week, led by the Nasdaq Composite’s gain of 1.56%. That’s a change from last week, when Wall Street’s postelection rally appeared to stall.

On Friday, investors will get a look at preliminary purchasing managers index reports for November, as well as an updated consumer sentiment reading.

Investors will also keep an eye on bitcoin, which is trading just under the long-awaited milestone of $100,000.

Portfolio:

We enter the last trading session of the week holding setups in MARA, TSLL, NN, and GME. It's been a wild two weeks in the markets and expected as we've been stating. The main positive of all these swings within the markets is this; higher lows, strength, and consolidation in so many names with breakouts now occurring. SPY and QQQ stand at a great level and next week begins the historical trade period for these markets as we begin the holiday trade push – one of our favorite times of the year as so many opportunities ignite and typically profits soar.

Yesterday we began to see monster buys that were extremely notable and we want to share. We like to pass this along at times and feel this is another opportunity to do so to help our community with positioning:

S&P (SPY) saw buyers 10,000 Jan. 31st (W) $620 calls at $4.69
PTON a breakout and massive Dec Calls being bought from 9-11 strike
Nuclear plays squeezing with massive upside calls being bought in names such as NNE and OKLO
UPST had large size buyers in Nov 29 Calls amongst a number of price strikes
AFRM buyers stepped in with May 90 Calls at 7 – 7.40
NVDA saw Feb. $140 calls bought 146,000X as Dec. 135 adjust, a $225M position
CAVA had another day of massive lots being bought across 155 – 175 strikes
iShares Bitcoin $IBIT size buy 4000 January 2026 $40 calls ITM for $25 also seeing February spreads 10,000X sell the $45 puts to buy $55/$65 call spreads

When we see massive price activity like this across tech, small caps, and other speculative areas along with staples – bullish sign of what's to come and it helps to believe in our theory of the greater cycle that's building.

With that said…remain patient today please! It's Friday and we are headed into a holiday week here in the U.S.. Positioning will be key but the best opportunities might just come this afternoon or Monday. We saw price swing yesterday morning and expect we can experience more of the same. This is ok! Just remain patient and then we attack with new opportunities. Let's end the week strong, it's been a good one.