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Morning Commentary


By Charles Payne, CEO & Principal Analyst
9/28/2023 9:40 AM

The S&P 500 eked out a +0.2% gain yesterday, which was impressive, considering the market was weak and vulnerable late into the session. Market breadth improved markedly from the trend of the past week, although there were more new lows. But the increase in the up volume was encouraging.

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The NASDAQ Composite saw similar improvements, but only 35 names posted new 52-week highs. 

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But only 15% of stocks are changing hands above the 20-day moving average.

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Once again, the S&P 500, typically the safe haven sector, took the most significant hits.


The S&P 500 is searching for footing before having to test the 200-day moving average.


A pulse in small caps was a good sign.


The underperformance of the Russell 2000 has been breathtaking, so the bounce yesterday looked like a drop in the bucket. But it was an up day.

Bonds Gone Bonkers

Still, the story is about bond yields, which have gone bonkers. I cannot pinpoint the reason, although many theories and opinions exist.

It is problematic, however.


Portfolio Approach

We closed a position in Materials yesterday in the Hotline Model Portfolio.

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Today’s Session

Looking at another sloppy session at the start of trading.   This peak anxiety or maybe piques anxiety as tensions mount.

Fundamentals have not changed, and we can see certain names that want to rally, though few can withstand the overall selling pressure.  There is some accumulation happening as well - measured and smart.


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