3/4/2024
By Charles Payne CEO & Principal Analyst

The market rally is heating up as the S&P 500 has established 15 new all-time highs. The rally is broadening, but ‘safe’ sectors continue languishing in the red.

Technology (XLK) stocks, led by semiconductor names, enjoyed the best week. It wasn’t Nvidia (NVDA), Broadcom (AVGO) and Advanced Micro Device (AMD) enjoyed more decisive moves. Many think the latter will eventually supplant NVDA as the key name in the industry.

Speaking of the changing of the guard, there is a groundswell call for removing the GOOG CEO. Meanwhile, everyone is jumping off the Apple (AAPL) bandwagon, including Goldman Sachs (GS), which removed it from its Conviction Buy list.

Software names continue to contribute to the strength of Technology.

Industrials (XLI) and Real Estate (XLRE) enjoyed a solid week, while Energy (XLE) stocks popped as West Texas Intermediate (WTI) edged toward $80.00, which is a major test of resistance.

To read full report contact your account representative or email Info@wstreet.com. 

Charles Payne
Wall Street Strategies

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