Charles Payne's Market Commentary

Question of the Week

Will tomorrow's CPI number be higher or lower than the 8.1% headline consensus?

Morning Commentary

Start of Something Big?

By Charles Payne, CEO & Principal Analyst
9/12/2022 9:45 AM

It was a hugely positive session for the market last Friday with 90% of volume on NYSE to the upside and more new highs than lows for first time since August 18.

Market Breadth	NYSE	NASDAQ
Advancers	2,704	3,306
Decliners	540	1,283
New Highs	36	48
New Lows	29	95
Up Volume	3.53 billion	3.40 billion
Down Volume	350.65 million	966.70 million

All eleven sectors finished in the green. Oversold growth sectors and Energy led the way.

Heat Map

But it’s been a rough month for growth, especially mega cap tech. Oil stocks continued to attract buyers, even as West Texas Intermediate struggled.

September S&P 500

Last week, the McClellan Oscillator got extremely oversold, perhaps, signaling more upside from here.

Portfolio Approach

There are no sector weighting changes to our Hotline Model Portfolio.

Today’s Session

I’m watching Technology closely after those strong sessions last week created three white soldiers on candlesticks. The big XLK resistance is 140.0.

People keep spending, but it comes at the expense of savings and increased credit card use. This morning, MasterCard announced it sees 7.1% retail sales growth this holiday season. This number is not adjusted for inflation.

This morning’s action intriguing, market stayed buoyant through a few pullbacks attempts. But it is not enticing enough to use cash at the open.

Comments

It doesn't matter if it is down or up from last month. How soon the market forgets. We need to remember that it is way up since Jan 2021 and that isn't going away, if ever.

Leelee Doughty on 9/12/2022 10:07:07 AM

I believe it will be higher, but I agree with Leelee, it doesn't matter. We the people are feeling the pain of 16%, which is what the 1980 measurement of inflation would say.

DAWN BREWER on 9/20/2022 12:02:50 PM

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