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The market is up BIG this morning on the heels of Apple’s earnings report and announcement that the iPhone-maker is implementing a record stock buyback program totaling $110 billion. Not only that, but the latest jobs report for April showed growth slowed big time… Only 175,000 jobs were created versus expectations of 240K while unemployment rose to 3.9%. This sparked another BIG spike in futures this morning because it leads people to believe we may just get a rate cut sooner than expected. The market is now pricing in an almost-50% chance of a quarter-point rate cut by September, moving up from November — though, I wouldn’t get my hopes up just yet! Back to Short-Term Conditions… I would like the market to hold this morning’s gap up and break the S&P 500 (SPY) $511 to $512 level — it got to $511.68 before selling off ahead of lunch time. The $512ish level is where the 50-day moving average sits, and if we hit that level and back away a few times, the rally could fade. The key for me is making sure we get through that level IF we are to begin testing old highs and making new ones! The way things look now after the big pop, but the post-open fade isn’t entirely unexpected considering the size of the pop we got. I would not be surprised to see the market test the lows this afternoon, start basing and then rallying toward the end of the day. That said, here are a couple of longs on my hotlist for the day:
If my late-day rally thesis begins to play out, they could be ripe for some nice day trades after lunch! Coming up on Monday, I’m hosting my next big forecast for the summer. I do these a couple of times a year, and this one is about as big as it gets because we have an election coming up in just six months! That means volatility is going to ramp up BIG TIME, so it’s time to start preparing. You can join me at 1 p.m. ET on Monday, May 6, for my “Big Picture 2024” event. Everyone in attendance will get my No. 1 election stock and the top sector that I expect to move the most ahead of the election. Just go here to RSVP, and I’ll see you Monday! Roger Scott Roger Scott Trading Follow along and join the conversation for real-time analysis, trade ideas, market insights and more! Telegram: https://t.me/+_vmfwkeP8fA5YWQ5 *This is for informational and educational purposes only. There is an inherent risk in trading, so trade at your own risk. Are You Ready for My Pre-Election Forecast? One thing I don’t talk about around here is politics, especially when it comes to my personal opinions. We’re all here to talk about the market and make money, and that’s the bottom line. But when it comes to our portfolios, the winner of the 2024 election will have a BIG impact on how and what we trade. This could be one of the biggest elections in history in that regard, so I’m tapping into a rare phenomenon to prepare and take advantage of incoming volatility. And I’m hosting a major event at 1 p.m. Eastern on Monday, where I’ll show everyone how I’m preparing and planning to trade that volatility. I’ll also give away my No. 1 election stock, and the sector I expect to outperform in the lead up to the big election. There are BIG opportunities ahead, so be sure to hit that link below… Want to get a link to TradingPub content, trade ideas, real-time market analysis and educational tidbits? We have you covered! Telegram is an entirely free messaging app and getting access is as easy as 1… 2… 3… 1. Download Telegram on your mobile device (Before you can add Telegram to your desktop computer, you must download the application on your phone and create your account: To download to your iPhone, click here. To download to your Android device, click here. After the download is complete, please create an account. NOTE: You can manage your privacy settings by clicking “Settings,” and then “Privacy & Security.” 2. Download Telegram on your desktop: Once you’ve downloaded Telegram onto your mobile device and created your personal account, you can download it onto your desktop computer. To download onto your PC, click here. To download onto your MacOS, click here. 3. Then add our channels by clicking these links!
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