Wall Street Strategies
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Morning Commentary


By Charles Payne, CEO & Principal Analyst
12/5/2023 9:33 AM


Yesterday, one couldn't tell if ‘greed’ was the investing mood. The market struggled, and while it finished off the lows, the action was never enticing enough to get large swaths of would-be buyers off the fence.


Cash continues to flow into specific oversold names.

Estee Lauder (EL) caught my eye as a great company that has been getting beat by arch-rival L’Oreal (OR).   

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The S&P 500 is in in overbought territory, but this is a very short-term situation, and it won’t stop buyers if the economic data out this week bolsters the disinflation theme.


Small-Caps Picking Up Steam

The move in the iShares Russell 2000 ETF (IWM) was very impressive.


According to the Stock Trader’s Almanac, the outperformance of the Russell 2000 over the Russell 1000 is par for the seasonality course.


Economic Data

The calendar heats up today.


Portfolio Approach

There is no change to the sector weights in the Hotline Model Portfolio this morning.

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Today’s Session

Futures are pointing to a lower open as the Street continues to adjust its expectations over the pathway for interest rates. Yields are lower and oil futures fell to its lowest level since July. The jobs report is the major catalyst this Friday, but later today, we will see the release of October’s JOLTs Job Openings report.


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