Charles Payne's Market Commentary

Afternoon Note

Like the River

By Charles Payne, CEO & Principal Analyst
10/26/2023 1:25 PM

Coming into the session, the so-called “magnificent seven” lost $200 billion in valuation in reaction to their financial releases.

Now, all eyes are on Amazon (AMZN). Like the river, this company is the biggest and deepest, with revenue that dwarfs its Technology and Communication Services rivals.

After a string of huge post-earning swoons, the stock rallied last time the company posted results.

Date	Consensus	1-Week	1-Day
8/23/23	+$0.30	+7.5%	+8.3%
4/27/23	+$0.10	-5.1%	-3.8%
2/2/23	-$0.14	-12.1%	-7.5%
10/27/22	+$0.06	-19.5%	-6.8%
7/28/22	-$0.33	+17.2%	+11%

The NASDAQ now sees the next support point right below 12,250.

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