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Afternoon Note

Rally Mode

By Charles Payne, CEO & Principal Analyst
10/14/2021 1:06 PM

This is what you call rally mode, as a combination of factors has everything higher.

Materials are leading the way as Senator Sinema reiterates she will not vote on reconciliation on "human infrastructure" unless there is a vote on real infrastructure first.  It's amazing to me that there could be so much talk about supply chains and no pressure to get that bi-partisan bill into law. 

Technology is rocking on pent up demand and lower yields.  Even with higher yield, its nuts to quit on the most exciting sector that's truly  changing our world. 

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Now, the S&P 500 is bumping up to the 50-day moving average – and that's the good news.  It will have to clear this hurdle quickly or be vulnerable for another move lower, even re-testing recent lows – and that’s the bad news. 

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No matter what, this is a very impressive session.

 


 

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