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Afternoon Note

Finding Equilibrium

By Charles Payne, CEO & Principal Analyst
5/31/2024 1:17 PM

The market is struggling to find equilibrium as the Street pulls back from the big tech names that have driven the recent rally. 

The S&P 500 failed to keep the uptrend as it broke below its 20-day moving average.

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Investors are doing some bargain hunting in Energy (XLE) and Real Estate (XLRE). Even with today’s gain in XLE, the sector is on track to decline 2.2% in May.

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