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Afternoon Note

Juxtaposition

By Charles Payne, CEO & Principal Analyst
8/20/2024 1:01 PM

An exciting juxtaposition has developed in the market, which we saw at the start of trading.

They are chasing hot stocks like Palo Alto Networks (PANW), Eli Lilly & Co. (LLY), and Netflix (NFLX).

Bottom fishing in names like Darden Restaurants (DRI), Albemarle (ALB), and General Motors (GM).

The good news is the rally is broadening out. But the notion of a strong rally without Mega cap stocks is too far fetched. 

There isn't a lot of selling, but there is even less buying. There is still a chance of a late surge into the closing bell, but it's harder to find a catalyst.


Comments
The Catalyst short term will be the Fed lowering the interest rates. The larger reaction will be the 2024 Election results. Our current path is dismal and depressing.

P. Krueger on 8/20/2024 1:55:42 PM
Many are saying including any of Charles guests that historically after interest rate cuts there is a large downturn possibly at full correction. I'm waiting

Mike on 8/20/2024 4:46:38 PM
This is a great question. Often the market pulls back because cuts are associated with a weaker economy and the market must adjust especially when earnings estimates are high. but when there are cuts and no recession over the next twelve months the market is usually higher. I will illustrate in tomorrow's Hotline commentary

Charles Payne on 8/20/2024 4:53:26 PM
 

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