November 11, 2025

Markets:

S&P 500 futures fell on Tuesday after a strong start to the trading week.

Futures linked to the broad market index dropped 0.2%, while Nasdaq-100 futures were down 0.4%. Futures tied to the Dow Jones Industrial Average traded just above the flatline.

Major U.S. indexes rallied across the board on Monday on hopes that the record-setting U.S. government shutdown could be nearing an end. The Nasdaq Composite had its best day since May 27, with a more than 2% gain, as investors bought the dip in artificial intelligence names after last week’s sell-off. The S&P 500 gained 1.5%, and the 30-stock Dow advanced almost 400 points, or nearly 1%.

The Senate on Monday evening passed a bill to end the shutdown, sending it to the House. The negotiated deal does not include Democrats’ demand that any funding bill must include an extension of Affordable Care Act subsidies, and instead calls for a vote on the tax credits in December.

Investors during the previous session piled into several risk-on names, which had led the broader market lower last week as concerns grew about the strength of the AI trade and the health of the U.S. economy. Nvidia notably jumped 5.8% on Monday, contributing more than a quarter of the S&P 500′s total upside for the day. Google parent Alphabet gained 4% while Microsoft added 1.9% to end its eight-day losing streak.

Portfolio:

A great start to the week as we head into today’s session holding ONDS, RDW, METU, A, and WFC.

Our target remains 7,000 on the S&P before year-end — and we’d love to see that level tested and broken. That would likely ignite some serious FOMO chasing, and we’ll discuss what that could mean in the coming weeks.

The “pain trade” clearly remains higher. It’s astonishing how many are still trying to short this market. The government — along with voices like Elon Musk and Bill Gates — is practically telling everyone that we’re in the early stages of a generational bull market driven by AI and robotics.

This morning’s futures show a modest gap down. The key question: do Nasdaq futures reset fully in the first hour, or do we see an inverse head-and-shoulders setup if they pull back to fill the gap? The NVDA news about Sofi selling its stake is a total nothingburger — and may actually be bullish heading into the CPI print.

Friday’s support test on QQQ and SPY triggered hammer candles and set up the strong follow-through we saw yesterday. We don’t see this breaking down — we see it expanding into year-end.  Hope this helps!  Be ready as the queue is igniting.  Our favorite time of the year is upon us and the next several months will be outstanding…this is go time!