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Afternoon Note


By Charles Payne, CEO & Principal Analyst
10/9/2023 1:48 PM

The CBOE volatility index (VIX) is up more than 4% today, which is exactly what one might have expected for the so-called fear gauge.  But it has been extraordinarily calm this year.

We would be more concerned with a move above 20.

Considering the devastating developments in Israel, the markets are orderly.  The Nasdaq and the S&P are in the green and the Dow is just below the flat line.  Four of the 11 S&P 500 sectors are in the green, with Energy the top performer as oil prices spike. Supply concerns are mounting as uncertainty on the scale and length of the war in Israel and Gaza grows.   Crude is up over 4.4% today at $86.34 per barrel.  Exxon (XOM) and Chevron (CVX) are up 3.25% and 2.85%, respectively.

Consumer Discretionary is the worst performer.   Travel related stocks are getting hit today as the situation in Israel continues to unfold and investors worry about travel disruptions.

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Breadth is mixed with advancers leading decliners on the NYSE, and new lows lead on the Nasdaq, but new lows far outweigh new highs on both.

The dollar is up again as the instability in the middle east rises, as is Gold.   The bond market is closed today; however, futures show Treasury’s are up (meaning yields are down). 


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