Afternoon Note
Rally Broadens
By Charles Payne, CEO & Principal Analyst
7/10/2024 1:15 PM
AI is rocking at the expense of software, but the good news is the rally has broadened today.
Materials (XLB) look better, in part to some seriously oversold opportunities.
On the economic font, Atlanta Fed GDPNow model expects Q2 GDP to gain +2% q/q, with residential investment and next exports in negative territory.
Powell is mostly being asked dumb questions or nudged into agreeing with political talking points.
I'm impressed with the push-back on BASEL III plan (a night might).
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