Wake Up Wall Street (SPY) (QQQ): Tesla (TSLA) to stall, American (AAL) grounded but stocks rally on

Here is what you need to know on Monday, November 1:

A new month and immediately we look to set yet more records. November and December have history on their side as bullish months and with a record inflow of company buybacks starting it will be hard to round up this bull just yet. Headwinds are waiting but may have to bide their time. Yields continue to rise, supply chain mentions also continue to rise but stocks too still rise. Momentum is in charge here so adjust accordingly. The Fed is now the only hope for bears as it meets this week and may have to try and puncture some optimism if not the bubble just yet. Given the Fed has taken a softly softly approach we doubt anything too surprising will happen. Goldman though has brought forward its anticipated timeline for Fed hiking to July 2022, that’s about a year earlier than their previous call.

Labour shortages are further demonstrated by the cancellation of over a thousand flights over the weekend by American Airlines (AAL), see more here. Bad weather has hampered an already tight crew situation. Friday sees more employment data hit the tape with nonfarm being the highlight of the week in data terms.

Globally it is more of the same, Oil is higher at $84.52, bitcoin is at $62,000 and the dollar is lower at $1.1580 versus the euro. Gold is at $1788 and yields continue to surge again today.

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European markerts are higher: Eurostoxx +0.2%, FTSE +0.3% and Dax +0.65.

US futures are higher: S&P and Nasdaq are +0.2% while the Dow is +0.3%.