5/28/2024
By Charles Payne CEO & Principal Analyst

We can call it the consolidation of the rally, but there is no doubt the market has hit a bump in the road masked (once again) and outsized by strength in Technology (XLK) and Communication Services (XLC). Drilling even further, Nvidia (NVDA) and Microsoft (MSFT) carried the market last week.

For the second week, Technology thoroughly dominated the S&P 500. Meanwhile, Energy (XLE) continued to beat a hasty retreat. Large-cap growth was the only style to advance last week.

More naysayers have thrown in the towel and raised their target on the S&P 500.

The pros on Wall Street love to hate on retail investors, but I think the latter has been far more intuitive than the former for a long time, especially over the last couple of years when the experts have played catch-up or missed the rally.

Fading pessimism has gone hand in hand with the stock market rally. I am unsure the of cause and effect, but the point is to hear the naysayers and not buy into their pitch: hook, line, and sinker.

To read the full report, contact your account representative or email Info@wstreet.com.

Charles Payne
Wall Street Strategies

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