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Payne's Perspective: August 28, 2023: America's New Competition

By Charles Payne CEO & Principal Analyst

It was another week, which promised to answer questions, but the stock market finished with the same level of confusion and anxiety. Still, buyers emerged, and they went ‘long’ across the board except for Energy (XLE) and Consumer Staples (XLP). The exciting part is these sectors were getting a lot of play as the areas to be in during the summer doldrums.

Consumer Staples names have shown an uncanny ability to hike prices and mitigate volume loss enough to bolster margins and bottom lines. That is beginning to wane.

Then, there is the Energy Sector that was poised to move into gusher territory but instead turned lower.  This sector continues to confound everyone. All the ‘dots’ point to a massive rally. It still hasn’t happened.

Meanwhile, the growth sectors stepped up to the plate once again.

Technology (XLK) rocketed, and Consumer Discretionary (XLY) popped up even with retailer shares doing swan dives.

To rea full repod thert contact your account representative or email Info@wstreet.com. 

Charles Payne
Wall Street Strategies


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