December 5, 2025

Markets:

Stock futures nudged up on Friday as traders awaited inflation data that could further inform the Federal Reserve’s upcoming interest rate decision.

Traders are keeping a close eye on a variety of economic data points, as the November payrolls report is scheduled to come out after the Fed’s Dec. 10 meeting.

The market will be able to sort through a fresh slate of economic releases on Friday.

The Commerce Department will release delayed September data on consumer spending and income as well as the personal consumption expenditures price index, the Fed’s primary inflation gauge. The PCE release was delayed due to the record-setting U.S. government shutdown and will give the Fed its final inflation view before Wednesday’s interest rate vote.

Also, the University of Michigan will also release its consumer survey for December on Friday, a report that provides a glimpse at sentiment as well as the view on inflation over the near and longer term.

Portfolio:

Great week so far, and we’re looking to close it out with authority. The biggest theme emerging isn’t just the past few days of strength—it’s the setup forming for year-end and the opening stretch of 2026. And honestly, we love that pockets of doubt are still lingering out there. That skepticism is the exact fuel powerful trends thrive on.

Every cycle splits the crowd into two camps:
Those who participated… and those who spent the entire move explaining why they didn’t.

You wouldn’t believe some of the emails we’ve received over the past few months—people swearing a crash is imminent, convinced they need to be out. I genuinely feel bad for them. Some traders spend their whole careers searching for reasons to sit on the sidelines. Imagine watching the strongest generational tech cycle of our lifetime unfold… and missing it by choice.

The good news? This transformation is still early. There’s plenty of runway left for anyone willing to open their eyes to it.

As for us, our community is locked in and attacking.

We head into the final session of the week holding setups in RR, ONDS, and MSTU.

Short-Term Technical Levels to Watch

SPY continues to press into the 684–685 supply zone—an area that has rejected several times over the last six weeks. Key support sits at 681 → 675 → 669.
What we want to see next:

Build above 685

Push into 688

Break and hold above 690

Once that sequence plays out, a move toward 700 comes firmly into view.

QQQ holding and building above 620 is gorgeous. Now we’re looking for the 629–630 zone to be taken out and turned into support. If that happens, a year-end run toward 640–650 becomes a very real conversation. Clear 650 before year-end, and the chase that follows will surprise a lot of people.

Wild Card: FOMC on 12/10

Expect some chop Tuesday and Wednesday—recent meetings have followed that script. The real move tends to come after the announcement, typically Thursday.

Markets are pricing in an 80%+ chance of a 25 bps cut. It’s mostly baked in. The Fed may spark volatility, but the bigger story remains: policy support from Washington is massive, and they’re openly using market strength as a scorecard.

Just this week:

Treasury Secretary Scott Bessent praised “Trump accounts,” saying: “We are going to make sure that all American families have a stake in the success of the United States of America.”

This administration wants leadership in AI, tech, and manufacturing—and they’re backing that with market-supportive policy. Understand the environment. Understand the opportunity you have with this administration.

Be ready today.