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Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political,... More
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  • A HAPPY TIME FOR TECH - By Jennifer Coombs 0 comments
    Jun 20, 2014 2:39 PM

    Watch Charles' New Show: Making Money with Charles Payne on Fox Business, 6PM

    As expected, the quadruple-witching is causing volumes galore in the market today, but there are no fundamental drivers involved. For many stock investors, this is a difficult market to gauge. Both the Dow Jones Industrial Average and the S&P 500 managed to each get a nice enough pop that allowed the indices to reach new all-time intraday highs. However, more interestingly, has to be the NASDAQ, which is nowhere close to reaching all-time highs (those occurred during the tech bubble at the turn of the Millennium), but the index is quite close to 52-week highs. Below is a one year chart of the NASDAQ's performance with its 50-day and 200-day moving averages included.

    There appears to be a resurrection in tech that we are absolutely psyched for - thanks to the pullback of highflyers, there are dozens of undervalued tech names in the index ripe for the taking. We remain encouraged on the industrial names for economic recovery in America, and optimistic on technology for pure growth.

    The afternoon session is also incredibly light on economic data as the major indexes rebalance. However the Atlanta Fed released its business inflation expectations mid-morning, and point to a rise in prices for the month. Inflation expectations for business costs rose marginally in June, nudging up to a year-ago pace of 2.0%, compared to the 1.9% reading in May. Sales levels, however, improved with about 55% indicating that sales were at or above normal. Profit margins slipped with about 47%, which indicates that profit margins are above normal or flat. Overall, this report points to a recovery that is improving although, there are oscillations in the detail.

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