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Morning Commentary


By Charles Payne, CEO & Principal Analyst
9/6/2023 9:44 AM

Yesterday was a wobbly session out of the gate, but still with some hope that buying could spread beyond Technology (XLK), Communication Services (XLC), and Energy (XLE).  There was a tremendous amount of red on the screen.


S&P 500 Map

The S&P 500 must hold the 50-day moving average and, by the same token, find a way to retest 4,600.


A five-month winning streak ended in August, but if history repeats, near-term bumpiness will give way to a move higher.


Bond Yields The two-day spike in the ten-year bond yield underscores the risk and unique circumstances of the market and economy. I continue to openly voice my concern that the bond market could be at the start of a very long ‘bear’ move. Also, we are watching the CBOE Volatility Index (VIX) closer this week - I want to see 15.0 hold as resistance.

Portfolio Approach

There are no sector weighting changes in the Hotline Model Portfolio this morning.

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Today’s Session

This morning United Airlines (UAL) and Southwest (luv) upped their forecast for fuel costs. This underscores how higher energy cost will seep into the conversation.

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We could see a test of $85.00 as support - if it holds and turns higher, oil could move to $95 a barrel.

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Meanwhile, we await the FOMC minutes out at 2PM.


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