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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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  • IT'S ANOTHER WILD RIDE - By Charles Payne 0 comments
    Apr 15, 2014 1:54 PM

    Wow... that didn't take long. Just as the market was trying to build a head of steam, the bottom dropped out... again! We heard there were shots fired and many deaths in Ukraine today, and though we never saw confirmation of deaths, the mainstream media caught up with the Wall-Street-message machine (talk about high-speed trading). Although it's the kind of news that could spark a jittery market to make a nosedive, there seems to be more gnawing at investors. Of course tech is taking the hardest hit, getting shellacked as key names are violating important support points.

    It's a worrisome situation for sure, and the bias is squarely to the downside as each session tests the resolve of even long-term investors.

    The key for the session, and maybe the next few days and weeks, is whether blue chip indices can withstand the pressure in the NASDAQ and Russell 2000. At the open, the Dow got over its 50-day moving average of 16,235 but now it's struggling to hold above 16,000 and below there the next major support point is 15,724 (the 200-day moving average).

    Today being Tax Day doesn't help in the sense that there are even more proposals on the drawing board that amount to extortion, including the taxing of assets. I spend a lot of time asking people not to panic, but to be mad as hell and voice their concerns and fight for this country. I understand why many have bolted to a homemade bunker filled with canned goods, electric generators and enough ammo to fend off the hungry, unprepared masses. There is nothing more harming to the nation than the war on success and its weapons of excessive taxation, regulations and paternalism wanting to control everything we do outside of the bedroom.

    That being said, I think investors have to ride out this period and even be prepared to nibble here and there. Everyone should have a fair amount of cash, per our guidance over the past four weeks, but if you haven't received this guidance please touch base with your representative.

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