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Morning Commentary


By Charles Payne, CEO & Principal Analyst
3/22/2024 9:38 AM

In Thursday’s session, nine of the eleven sectors were higher, and the Heat Map was covered mainly in moss. What stands out the most is how growth struggled after surging out of the starting gate.

Higher But Gasping for Air

All major indices finished higher, but stocks hit ‘Heartbreak Hill’ with about an hour left in trading. The U.S. stock market has added ten trillion dollars in wealth since October 27, 2023, so a pause to digest wouldn’t be totally out of the question.


Midcap stocks are galloping like Thoroughbreds, and there isn’t any indication they will stop anytime soon.

The change rate is increasing, and another key resistance point has been taken out.

Non-household names are mostly among the ten holdings in the SPDR S&P Midcap 400 ETF (MDY) Index.

Retail Making Smooth Moves

Active money managers were way behind the rally. They now have chased it to this point and are reluctant to ease up.

Meanwhile, retail bullishness continues to fade, and now bearishness is spiking; these are reasonable thoughts and actions.

Today’s Session

The major indices are down slightly this am as the market consolidates a bit.  There is a bit of profit taking in the semi space.  Meanwhile, Federal Express (FDX) reported stellar earnings, due mainly from cost controls and not the improving consumer or economy.  Still, the stock is up almost 10% in the premarket.

U.S. Treasuries are also taking a breather, and the 10-year is down 0.7 basis points to 4.2%.

FY23 people were tracking bankruptcies, you don't hear anything about it anymore. Is it so bad that no one wants to be "Debbie Downer"?

FRITZ E PIEPER on 3/22/2024 10:11:48 AM

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