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Morning Commentary

ITíS ECLIPSE DAY

By Charles Payne, CEO & Principal Analyst
4/8/2024 7:19 AM

Last Friday was a solid finish to a rough week, and it was somewhat ironic considering the financial media's cheering over the jobs report, which, taken at face value, is supposed to lower the likelihood of a rate cut in June.

All eleven sectors finished higher in the session, led by Industrials (XLI) and Technology (XLK).

Lots of red on the screen, as the buy-on-dip crowd was champing at the bit.

This S&P 500 Large-Cap Index up channel is beautiful and hasn’t been violated. I continue to see 5,100 as a key support point.

Market Breadth

There is no doubt funds are flowing into blue-chip names as late institutional money is trying to focus on “quality.”

Market Breadth

NYSE

NASDAQ

Advancers

1,659

2,289

Decliners

1,134

1,997

New Highs

102

79

New Lows

31

143

Up Volume

2.17 billion

2.41 billion

Down Volume

1.18 billion

2.13 billion

Eclipse for the Win

Today’s Session

Lots of upgrades in the tech space this morning, which bodes well for the averages. But we are more interested in the broad market rally, which seems to be taking two steps forward and then one step back.

Also watching bond yields, which continue to edge higher.

Remember, last July 31, the ten-year treasury pierced 4.00% on the upside and the stock market stumbled and swooned for the rest of the summer and into early fall when Powell & Co came to the rescue with rhetoric that has thus far not been backed up with action.

This means the Fed will have to find a way to jawbone the market higher, even as it is more difficult to justify rate cuts.

The parade of Fed Speakers continues.


 

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