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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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  • CHARLES PAYNE'S AFTERNOON NOTE - By Charles Payne 0 comments
    Apr 14, 2014 4:35 PM | about stocks: C

    After a flat start pre-market got a spark from Citigroup's (NYSE:C) earnings results, the stock market has drifted higher but this is a light session. A lot of traders are out to celebrate Passover, so the market lacks a certain amount of passion. Still, we needed the market to catch a break; now the trick is to maintain that dollop of momentum. There are two ways to look at the market from a technical point of view:

    Short Term: major indices, including the S&P 500, have broken down to points where they continue to look vulnerable. For the index, it would take a close above 1850 (the 50-day moving average) to trigger panic buying so it's vulnerable to 1750 (the 200-day moving average) until then. However, on a longer-term chart the index looks perfect, having made a series of higher lows and highs.

    As much as I'd like to take the bait, we got burned a couple times last week and think we need to wait for more earnings and economic data. On that note, I continue to think that the market is oversold.

    Stocks: C
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