September 18, 2025

Markets

Stock futures surged Thursday as investors rotated back into their favorite tech names after the Federal Reserve cut rates and signaled more easing ahead.

Intel shares soared 28% in premarket after Nvidia announced a $5 billion investment in the chipmaker to co-develop data center and PC products. Nvidia gained 3%, while other tech leaders—Broadcom, Palantir, and Tesla—each climbed more than 1%.

The rally comes after a choppy Wednesday session following the Fed’s widely expected quarter-point rate cut. The Dow managed to close higher by 260 points (+0.6%), while the S&P 500 and Nasdaq slipped.

Fed Chair Jerome Powell struck a cautious tone in his press conference, calling the move “risk management” and pushing back on hopes of an extended cutting cycle. Policymakers now forecast two more cuts this year but just one in 2026—less aggressive than traders had been betting.

Portfolio

We head into today with positions in PONY, CIFR, ONDS, and RR.

Yesterday’s volatility had some calling for a market top, but let’s be clear: nobody can call a top here unless SPY breaks below 600. In fact, we wouldn’t even consider short setups until the 630 range.

On the upside, a clean break above 661–663 on SPY opens the next leg higher. QQQ may face near-term resistance at 600, but once that’s cleared, the path toward our 620–630 year-end target (possibly higher if hedge fund underperformance continues to fuel the chase) comes into play.

Also worth noting—President Trump called for a 100 bps cut yesterday, voicing frustration with the Fed’s 0.25 move. Like it or not, that’s another strong signal that capital will continue flowing into the markets.  He's essentially telling us where money needs to be parked.  

Yes, bumps are part of the journey, but the overall trend remains intact. Let’s take full advantage.