April 10, 2025

Markets:

Stock futures slipped Thursday morning, pulling back after Wednesday’s massive rally driven by President Trump’s announcement of a 90-day suspension on certain "reciprocal" tariffs.

The surge was historic: the S&P 500 jumped over 9%, marking its third-largest single-day gain since World War II. The Dow posted its strongest percentage gain since March 2020, while the Nasdaq logged its biggest daily rise since January 2001 — the second-best on record.

Wednesday also saw record-breaking volume, with approximately 30 billion shares traded — the most in at least 18 years.

The rally was ignited by news that tariff rates would be temporarily lowered to 10% for most countries for 90 days. Canada and Mexico are exempt from the added 10% duty. In response, the European Union announced a reciprocal 90-day pause on U.S. goods.

Portfolio:

Heading into today’s session, we’re holding positions in TSLL and S

Markets remain volatile, with wide ranges still in play. Key levels to watch: S&P 5320 needs to hold. Despite the short-term optimism, the trade war with China is far from over. This morning, Gold surged $3100, while SPY and QQQ have both opened lower. Was Wednesday’s rally just an excuse to buy? If so, are institutional players stepping in as sellers or buyers here?

It’s Theta Thursday, so expectations are muted. We're staying patient and closely watching price action.

Key levels to watch:

QQQ: Want to see 450 hold; 473 is the upside target for bulls.

SPY: Holding 525 is important; reclaiming 550 would be a game-changer.

Don’t forget: Q2 earnings are approaching, and tech still looks attractively priced. These could be some of the strongest earnings opportunities of the year given current valuations.

Be ready today, please stay patient.  Could be a choppy session and thats ok for constructive price building.