December 11, 2024

Markets:

Stock futures are near flat Wednesday as Wall Street digested new U.S. inflation data.

November’s consumer price index, which tracks a basket of goods and services, was in line with expectations. The reading showed a 0.3% rise from October and 2.7% increase from a year ago. Excluding volatile food and energy prices, core CPI increased 0.3% on the month and 3.3% on an annual basis.

This should keep the Federal Reserve on track to cut interest rates at its December meeting next week. Fed funds futures are pricing in a more than 87% likelihood that the central bank lowers rates at that gathering, according to CME’s FedWatch Tool.

Tuesday night’s action follows a losing day on Wall Street. It marked the second straight down day for the S&P 500 and Nasdaq Composite and fourth negative session in a row for the Dow.

Investors will also watch for monthly federal budget data expected on Wednesday. On the corporate earnings front, they will monitor Adobe results slated for release after the bell.

Portfolio:

And just like that markets are once again running after a slow start to the week.  We enter the session holding setups in QBTS, PSQH, ACHR, HOOD, and TEVA.  The runway continues to build and I truly feel sorry for the people who continue to deny it and will miss it.  

SPY bounced like a monster from the trend line and now is setup to test 611 relatively soon we believe.  Q's extreme positive flow after CPI and the march towards 530 + is on. 

Our main focus this morning is also watching volume and price flow.  

Be ready today, expect new trades to trigger.