Hi all,

The S&P broke through the 6100 milestone and QQQs also moved up higher as money seemed to move back into the Technology sector this week. Stocks like AMZN and AAPL had strong moves higher. TSLA also closed the week out on a strong move-up with their Robotaxi news but sold off today (Monday).

All eyes were on the jobs data released Friday. The payrolls were up 227k for the month which was better than expected. The jobs market continues to look strong and resilient.

Next week we will get another CPI and PPI report which is expected to show inflation remains above the 2% target level but markets are betting strongly on another rate cut on December 18th which is the next Fed meeting date.

It does feel like the markets are extended. Maybe this week will get a bit of consolidation of those gains as we get closer to the winter solstice holiday season.

Cheers. 

Brian

 

Recap Video

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Sectors in Play Last Week

• Consumer Discretionary and Tech were the biggest gainers this week.
• Energy and Utilities were the worst-performing sectors this week.

Key Levels for this Week

• DOW (44,642) – support 44,000 and resistance 45,000
• QQQ (526) – support 515 and resistance 530
• SPY (604) – support 600 and resistance 610
• IWM (239) – support 230 and resistance 245

What to Watch for this Week

• Monday – 10:00 ISM Manufacturing and Construction Spending
• Tuesday – 8:30 US Productivity and Unit Labor Costs
• Wednesday – 8:30 CPI data
• Thursday – 8:30 Jobless Claims and PPI data
• Friday – 8:30 Import Price Index

Earnings this week

• Monday – pre and AI, ORCL post
• Tues – pre and GME post
• Wed – M pre and ADBE post
• Thurs – pre and AVGO, COST post
• Friday – nada

Positions and Trades Last Week

• ARKG – still long some
• HUT – sold on 100k pop
• IBIT – sold on 100k pop
• XLU – sold
• XLV – sold
• TD – long – sold calls to collect premium – should have followed my rule not to hold swing stock positions into earnings
• TNA – Sold remainder.

Tracking for Potential Trades

• AMZN – missed getting long on the breakout – may be an opportunity if we get more of a pullback to the breakout level or close to $217
• BABA – gap up and pullback. Might be a short opportunity.
• LUNR – pullback may be an opportunity to go long for gap fill.
• SLV – Silver looks interesting still if it can hold the moving average.

 

Note: These are investments I am in or watching however, they may not be suitable for all investors. The author of this email is NOT an investment advisory service, a registered investment advisor, or a broker-dealer and I do NOT undertake to advise clients or recipients of this email on which securities they should buy or sell for themselves. This email is provided for information purposes only and traders should always consult with their licensed financial and tax advisors to determine the suitability of any investment.