Yesterday was a seesaw session in a tight trading range that saw the NASDAQ Composite reverse, only to lose momentum when President Biden spoke about higher taxes. The rally effort resumed but couldn’t seduce enough money off the sidelines. Still, it's been a year, and it could get better.
Lots of names that have been disappointing this year are getting another look-see. Remember, the last few earnings seasons have seen excessive punishment, creating opportunities. Meanwhile, the climate theme is still highly vulnerable.
More broadly, stocks are beginning to move higher as 83% of the S&P 500 are now changing hands above their respective 20-day moving average.
The Fear & Greed Index is screaming ‘greed,’ but there is still an abundance of healthy caution in the air.
I was shocked when I saw this on the Bar Charts yesterday. That summer correction, which had the bears salivating over maybe being right, turned out to be the second shortest correction (in length of time) since 1960 (1998 was just six days).
This market is like the first Rocky movie – it won’t stay down. But it won’t be the champion until it closes above 4,600 – and it has to happen in the next few days.
It’s a quiet morning, as investors continue to digest turkey and the markets' remarkable November rally.
Everyone has an eye on tomorrow’s economic data hoping for further signs of slowing inflation.
Meanwhile, reaction to earnings, particularly Micron (MU), is not very encouraging.
We also get the start of a bevy (not sure it’s the proper term) of Fed speakers that will drone on for the remainder of the week.
|But the S&P had three legs down summer-to-fall, lasting much longer than 16 days.
Ron Lukas on 11/28/2023 10:50:59 AM
|Teach a person to fish and they will eat for a lifetime.
Mark Ebersole on 11/28/2023 11:17:42 AM
|Loved your comments on Gutfeld tonight. We donít see you as that real on your quarterly video sessions, even though youíre in your sweats on most of them. That subject must have struck a chord and it was nice to see. Thanks Charles for a great presentation of reality and true humanity. You just canít fix stupid!
Terry Lavis on 11/28/2023 11:05:00 PM
|Thank you so much Terry
Charles Payne on 11/29/2023 5:55:11 AM
|Best way to give back:Be a positive role model to family,friends,neighbors. Find your tribe and serve the community in a way that is meaningful to you. Actions really do speak louder than words.
Julie David on 11/29/2023 6:50:41 AM
|Great point Julie
Charles Payne on 11/29/2023 7:06:07 AM
With all due respect I find 'giving back' a most unfortunate phrase. 1st, it assumes you've taken something that has to be returned to its rightful owner; 2nd, it implies that whatever gains have been made by any given individual is at the expense of another; which leads to 3rd, implying we work in a zero sum environment. I much prefer to use 'share' as the verb describing charity or philanthropy.
Ric Walter on 12/3/2023 4:26:10 PM
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