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Morning Commentary

Lots of Angst

By Charles Payne, CEO & Principal Analyst
9/18/2023 9:44 AM

While it exhibited resolve, the week had a rough finish. All eleven sectors finished lower, but the Defensive sectors held up best.  The main story continues to be the mega-cap retreat (see Heat Map).

With the ten largest companies responsible for 34% of the S&P 500, these names must hold on, or everything else rally as they pull back. That has only happened in spurts.

Bucking the Experts

The U.S. Dollar (DXY) has been sizzling and is now close to a potential monumental breakout. This is not bullish. 

It's all about the Fed and Powell’s Q&A on Wednesday. There is a lot of anxiety but no fear in the air.

Portfolio Approach

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

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Today’s Session

Right now, only economists seem to think the Fed will hike rates – in fact they possibly see more rate hikes.

We are watching the mega cap selloff – mostly trying to pinpoint place and time to buy or add.

Still not sure if NVDA is an exception to the 7% loss rule. I'm down 10%.

Douglas G Henderson on 9/18/2023 10:05:15 AM
There is no 7% loss rule on the Hotline and especially†with High Beta ideas.† One of the problems now is selling as weaker hands close based†on arbitrary†stop losses rather than fundamental†changes.†The group saying the books are cooked have a better, albeit bogus, reason to simply take a loss.† CP

Charles Payne on 9/18/2023 10:17:14 AM

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