9/16/2024
By Charles Payne CEO & Principal Analyst

There’s an old saying: “What a Difference a Day Makes.” The saying was tweaked for investors: ‘What a Difference a Week Makes.’ The NASDAQ Composite regained all of what it lost the previous week, which was no small feat.

The S&P 500 pulled off a similar performance. The heat map was predominantly green, from the smallest to the most giant boxes. However, I’m worried about banks and oil, which are essential proxies for the domestic and global economies.

Market breadth was overwhelmingly bullish, especially up to down volume.

The “Magnificent Seven” sparked the broad market and reminded investors why thinking the play is over is a mistake. 

Big Tech is coming on strong.

Worried investors, mainly those paid to put money to work, found solace in comfort food stocks during the prior week's market downturn. But last week, it was about extreme bottom fishing, not comfort, as investors loaded up on some of the most beaten-down names of 2024.

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

Charles Payne
Wall Street Strategies

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