December 4, 2024

Markets:

Stock futures rose Wednesday as Salesforce and Marvell Technology led tech shares higher on the back of strong quarterly earnings.

Salesforce climbed 13% after the company posted fiscal third-quarter revenue that beat estimates. Chipmaker Marvell also beat earnings expectations and issued strong fourth-quarter guidance, advancing 13%.

Wall Street is coming off a mixed session, with the S&P 500 and Nasdaq eking out small gains to record levels, while the Dow fell slightly.

A report released on Wednesday morning from ADP revealed that private payrolls grew less than expected in November. Companies added just 146,000 on the month, while economists polled by Dow Jones had estimated growth of 163,000 positions. The week’s major economic release comes in the form of the November labor report, due out on Friday morning.

On the Federal Reserve front, Chair Jerome Powell will be speaking in New York in a moderated discussion Wednesday afternoon.

Portfolio:

We enter today's session holding setups in TEVA, TSLL, MARA, and GRAL. Locked and loaded and queue continues to ignite. Market continues to build this runway and we are headed into an outstanding period ahead.

As we mentioned the other day, so many stocks are developing monster charts with breakouts. We now have the software sector that will be in strong focus along with semi's. Semi's have historically been strong to end a calendar year, the setup is now emerging once again.

Overall, QQQ and SPY have been outstanding technically, and higher lows continue to print. The greater runway is now building, few understand where SPY is headed but I am telling you have 6030-6040 as a target short term before we base and decide on next leg – which will give you explosive opportunity. Be ready today.