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Morning Commentary

BUYERS FLEE THEN RETURN †

By Charles Payne, CEO & Principal Analyst
9/8/2023 9:38 AM

It was another down session that left few niches of the market unscathed, but it was also one of those sessions that could have been worse.

But market breadth was trolling with an increasing gulf between the new highs and lows.

Market Breadth

NYSE

NASDAQ

Advancers

1,042

1,436

Decliners

1,862

2,895

New Highs

40

39

New Lows

116

274

Up Volume

1.07 billion

1.54 billion

Down Volume

2.64 billion

2.76 billion

Buyers Emerged

However, yesterday, there was a moment during the session when all eleven sectors were in the red, so to see five sectors finish in the green is encouraging. It’s an eclectic leaderboard, but it’s clear, investors took a fresh look at Utilities (XLU).

Key Charts

For all the handwringing over Technology (XLK), the NASDAQ-100 (NDX) is holding above key moving averages and trend lines.

Chart

 

Regional banks, on the other hand, are breaking down big time and could soon retest the lows.

Chart

Portfolio Approach

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

Today’s Session

It’s extremely quiet this morning, and the kind of market where everyone is on the sidelines waiting for a cue.

Waiting on the sideline is, however, a cue.  It’s a sign of anxiousness that could manifest into selling by the close of trading.


 

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