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Morning Commentary


By Charles Payne, CEO & Principal Analyst
6/10/2024 10:00 AM

Although the rally attempt faded into closing, the market put up a fight on Friday. Some sectors took it on the chin, and the heat map was mainly dotted with hues of red. 


S&P 500 Map

The Best of Times & The Worst of Times

The NASDAQ-100 (NDX) is a locomotive but needs a boost.


The iShares Russell 2000 ETF (IWM) cannot sustain traction and is on the cusp of crashing below the trendline. 


Can Anything but Tech Carry the Rally?

History, logic, and stock market laws suggest that at some point, the rally baton will pass from Mega-Cap Technology (XLK) and Communication Services (XLC) to other areas of the market. Guessing when that happens has thus far been expensive.

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A transition to new leadership is likely accompanied by increased volatility, which the options market forecasts for the next month. 


Banana Split 

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According to the Urban Dictionary, the 10-for-1 spilt in Nvdia’s (NVDA) shares today might qualify for both versions of “bananas!”

It's been a crazy ride no matter how great the fundamentals are, and for many, this split seems cool because now they can get into the mix. 

Make no mistake—this is a form of manipulation, and people who wait until today to buy are getting a lot less value than a couple of weeks ago. But at this point, it's all about feeding the locomotive. The big train can rally without this lead car paving the way. Smart money will deliberately take profits off the table. 


Today’s Session

The session is coming out the gate with a summer doldrums energy (or lack thereof). There is a lot on the calendar this week, but nothing today. 


CP, I get a kick out of your final comment line every day on your public newsletter. It's sprinkled with secret code that only you and your paying clients know. I'm catching on to it though over time.

Tim in Texas on 6/10/2024 1:29:31 PM

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