December 12, 2024

Markets:

S&P 500 futures slid Thursday as investors digested a hotter-than-expected producer price index reading for November.

Futures tied to the broad market index fell about 0.3%. Nasdaq 100 futures slipped about 0.6%. Dow Jones Industrial Average futures traded lower by 55 points, or about 0.1%.

The producer price index, which tracks wholesale prices, increased 0.4% last month. Economists polled by Dow Jones expected a 0.2% increase on a monthly basis.

This follows November’s consumer price index report, which came in line with economists’ estimates and has led investors to anticipate another rate cut from the Federal Reserve at its policy meeting next week.

Fed funds futures trading data reflects a nearly 95% likelihood that central bank policymakers will lower rates next week, according to the CME FedWatch tool.

On the earnings front, chip giant Broadcom, home furnishings company RH and retailer Costco Wholesale are due to post results after the close.

Portfolio:

We enter the new session holding setups in IONQ, PSQH, ACHR, HOOD, and TEVA.  Monster runway continues to build and so excited for what the next several months will bring.  Next level we are watching is SPY 611.  Yesterday, we began to see large inflow into NVDA with monster upside call volume.
TSLA also ignited with 450's – 480's to end the year.  Massive price volume.  Q's continue to breakout and now have potential set-ups emerging that can help ignite it further with MSFT, AAPL, and GOOG all looking terrific for further breakouts.  

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

Be ready today, expect new trades to trigger.