November 26, 2024

Markets:

Dow Jones Industrial Average futures wavered on Tuesday — a day after the blue-chip index closed at a record high — as investors assessed the threat of new tariffs from President-elect Donald Trump.

On Monday night, Trump called for a 25% tariff on products from Mexico and Canada, as well as an additional 10% levy on Chinese goods. He has already said he would impose a tariff of up to 20% on all imports, and an additional duty of at least 60% on products from China.

Stocks are coming off an action-packed session fueled by Trump’s new Treasury secretary pick, hedge fund executive Scott Bessent. The gains helped bolster the belief that the postelection rally is back in full gear following a brief breather.

Meanwhile, Treasury yields fell as traders took a favorable view of Bessent leading the Treasury department. Many investors view the hedge fund manager as a champion of financial markets and the economy given his background, and as someone who could potentially counteract some of Trump’s aggressive trade aspirations.

The U.S. market is closed Thursday for the Thanksgiving holiday and set to close early Friday, with volume expected to remain light.

Federal Reserve meeting minutes, which investors will closely monitor for insights into the path of monetary policy, are due out at 2 p.m. ET.

Portfolio:

Monster start to the week with multiple profits booked and we enter today's session holding setups in HUT, TSLL, NN, and IONQ.  Queue continues to ignite and we do think SPY touches 600 – 601 today, if not higher. Just seeing price activity and have a feeling we could go there today. Bitcoin is also of focus today and looking for these levels to hold and show a bounce. UK announced they are looking to regulate Crypto, something this sector does not like. The overall theme of tech and AI continues to expand and now we see that the Trump administration is looking to add an AI Czar to it's cabinet. Folks still continue to deny this cycle and what's building but this cycle will be massive and disrupt the entire sector. So many things will change and the revenue these companies will experience will be magnificent. We've been pounding the table regarding AI for over a year now. Hope folks continue to invest in this in their long-term portfolios.

Stay patient. Just because something might now work for a day or even a few it does not mean the trade is wrong. Allow it to build, too many times people look for instant gratification to only miss the larger move being built. Be ready today!