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Morning Commentary


By Charles Payne, CEO & Principal Analyst
4/9/2024 9:46 AM

Yesterday, when I stepped out of the studio, a pocket of folks found a great angle to view the eclipse. The scene was repeated throughout New York City. All the parks were packed, and there were good vibes in the air. The eclipse swept up the nation, so there was minimal trading.

The crowds didn’t only gather on terra firma, but in the skies as well.

I must admit it was a groovy feeling driving up the Westside Highway. I was reminded of “Hands Across America.”

Market Scoreboard

Six out of eleven sectors finished the session higher as five sectors declined, with Energy (XLE) falling the most.


There was an eclectic mix among the top ten biggest advancers. One of our ‘laggards,’ Albemarle (ALB) led the way, and there was Tesla (TSLA) finding buyers, as all the experts had abandoned the stock.

Heat Map

You don’t need ‘special glasses’ to look at yesterday’s Heat Map, but there was  a lot of eye-burn and wallet-churning crimson.

Better Beneath the Surface

There were more advancers than decliners on the New York Stock Exchange (NYSE) and NASDAQ Composite. There are more new highs than new lows and more up volume than down volume. This is how unbalanced the market has become.

Market Breadth









New Highs



New Lows



Up Volume

1.90 billion

2.36 billion

Down Volume

1.30 billion

1.90 billion

Declines in large-cap growth can counter-balance gains in all other factor categories.

Then, There Were Two

There are a couple of exciting races to the zero.

How many “Magnificent Seven” stocks still earn that distinction, and how often will the Fed cut rates?

The former is down to four, although some say two, which is ironically how many rate cuts the Street now expects.

Marching Higher

The moves aren’t jarring but are distinctive, and the pace is more assured. The ten-year bond yield is breaking resistance, and soon, it will set off alarms.

Today's Session

Lots of jockeying and nudging going on, as lots of money has come into the market under the assumption of rate cuts…lots of rate cuts.

Former St. Louis Fed chair James Bullard said three are still on, but it's hard to see that right now.

Love your description of the Heat Map, "eye-burn and wallet-churning crimson."

Michael William Thomann on 4/9/2024 9:43:36 AM
Ha! Thanks a lot. CP

Charles Payne on 4/9/2024 9:57:36 AM
Any input into what is going with FIX today? Down 5% and do not see any news that would cause this. I do not buy on recent alert, however wondering if this would be a good time to get in, but want to better understand what is driving the downturn today.

Scott Benedict on 4/9/2024 10:47:35 AM
its a high Beta name in a down market. It's still looking attractive at this level.

Karina Hernandez on 4/9/2024 12:32:01 PM

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