CHRIS VERSACE: Good morning, Action Alerts Plus members. As we mentioned in our opening comments to you today is likely to be a bit of treading water for the market as we wait for the ECB's forum on central banking tomorrow and Friday's next read on inflation. That is going to have us start today's rundown with a look the housing market. The recent housing stats data, as we know, was stronger than expected for both single family and multifamily housing.

And this as a starting to consider a more direct play on the housing market, which could take the form of a homebuilder or perhaps a key building products company. And as you probably know, there are more than a few in that group to choose from. However, like a smart carpenter says, we want to be sure that we measure twice before cutting, meaning we want to make sure that the robust May housing starts data wasn't a blip, wasn't an anomaly, and wasn't, simply put, an outlier.

That means we will be examining the housing market inventory data and watching other housing data as well. But most importantly, the weekly mortgage applications data for new home purchases-- not refinances-- new home purchases, especially as the Fed looks to bump rates even further in the coming months.

Now before I move on, we tend to talk about infrastructure spending as it relates to Vulcan Materials and United Rentals. But we have to remember both benefit from housing-related construction. So I would argue that at a minimum, we have an indirect play in the portfolio when it comes to the housing market.

Now, as we head into tomorrow, our eyes will turn to the global battle against inflation as Jerome Powell and a panel of other central bankers speak in Portugal. Now, last week, we saw several central banks lift interest rates, and the tone for tomorrow's event was likely set by ECB President Lagarde who earlier today maintained a very hawkish tone in her remarks. In response, we're seeing the market starting to think the European Central Bank will follow its July rate hike with yet another increase in September.

Of course, we will be far more focused on what Powell has to say tomorrow. But in our view, without any fresh inflation data since he testified last week in Washington, the odds are rather high that he will simply be sticking with being data-dependent. But leaning on inflation remains persistent. And yes, the Fed needs to do more. That message, that's the one that we expect him will be-- he will be repeating. Excuse me, members.

Now, despite what Powell and the Fed have been reiterating that message over the last few weeks, the market has only thought that it sees one rate hike ahead. So from our perspective, when we look at risk, we look at reward, in this case, risk. The risk is that Powell and the upcoming data may force the market to once again rethink the path ahead for monetary policy. In short, members, tomorrow and Friday will be important data days for the market.

Now, let's move on to some individual holdings as there are really three stories that are catching my attention. First, let's look at Marvell. Yesterday, President Biden discussed his high speed internet investment over the next few years, which we broke down an Alert to you again yesterday.

However, we also learned that Amazon announced it will plan to spend $7.8 billion in Ohio through 2023 to expand its data center operations. We see both of those announcements as long term positives for our shares of Marvell. And as things solidify further, we'll look to revisit our price target on Marvell shares, which are currently around $62.

Moving on, Jackson Financial, ticker symbol JXN, revealed in an SEC filing that 700,000 to 800,000 of its customers were exposed in a data breach. We see this as the latest proof behind the portfolio's position in the First Trust NASDAQ cybersecurity ETF otherwise known as CIBR. In our view, members who are underweight CIBR shares, the low 40s, is a great spot to pick them up.

And at its investor day, Clear Secure partner Delta Airlines shared the 2023 summer travel season is even stronger than expected. We continue to see airport congestion fostering membership growth for Clear as should ongoing airport and airline partner expansion. Now, on the back of the recent Alaska Air partnership, Delta's comments today and the current share price for you, we are reiterating our one rating on Clear Secure shares.

That'll do it for today's rundown. Be sure to check your inboxes later today for additional alerts and my AAP podcast interview with Alex Ryan, the CEO of the luxury wine company Duckhorn Portfolio, ticker symbol NAPA. JD and I will be back tomorrow when we answer some of your latest burning questions. Have a great day.