9/3/2024
By Charles Payne CEO & Principal Analyst

Last week was supposed to be a referendum on Nvidia (NVDA) and the other members of the “Magnificent Seven.”  The question was whether they still had that ‘it factor’ with investors. There had been stealth rotation for weeks, but it was becoming clear investors were looking for other areas of opportunity.

The problem is the other 493 stocks had been relegated to sidekick status for so long, which could make them more attractive than the leaders of the Fourth Industrial Revolution.

We had already seen the magic and performance fade for the other “Magnificent Seven” members, as only three outperformed the S&P 500. Nvidia had a chance to rekindle the love, and it didn’t happen, but it was not due to a lack of effort. 

The company’s financials were terrific, the confidence brimming, and the vision clear. Several firms lifted their share price targets, but the stock finished last week clinging to its 50-day moving average, as the Rate of Change (ROC) and Money flow (MF) plunged. 

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

Charles Payne
Wall Street Strategies

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