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Morning Commentary

Eerie Calm

By Charles Payne, CEO & Principal Analyst
5/22/2024 9:51 AM

There continues to be an eerie calm in the market, hence our elevated cash position.  Of course, these winning streaks (sessions without a 2.0% or more decline) can last forever – it would take two more years for the current streak to match the record.  

A screenshot of a computerDescription automatically generated

As long as the market is above its 50-day moving average, we have to pick spots.  But the RSI (Relative Strength Index) hints at a short-term pullback. 


We stay invested, but minimize exposure, because I prefer to buy them when there is far less enthusiasm.  It’s also harder to find ‘bargains’ as a significant portion of the market is overbought based on RSI. 



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