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Closing Bell

Closing Bell: Can Anything Derail the Rally? 7/24/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 24 July 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

With the Fed decision and the busiest week of earnings looming … can anything derail this rally? iCapital’s Anastasia Amoroso, New York Life’s Lauren Goodwin and NB Private’s Shannon Saccocia give their expert takes. Plus, star venture capitalist Rick Heitzmann breaks down the under-the-radar tech stocks he is watching ahead of earnings. And, RBC’s Biraj Borkhataria upgraded Chevron last month … and weighs in on the company’s latest numbers.

Transcript

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0:00.0

Yes, it does and welcome to Closing Bell everybody. I am Brian Sullivan in for Scott Wopner.

0:06.0

Thanks for joining us. All right, this make or break hour begins with a win streak that just won't quit.

0:12.0

The Dow on track for its 11th higher day in a row folks

0:15.3

that is the longest such streak in six years and we are closing in on the all-time

0:21.0

record of 13 higher days in a row for the Dow set all the way back

0:24.8

and the Halcyon days of 1987. That said here's your scorecard list things

0:29.8

could still happen in the last hour the most important hour of the trading day I'm told by shows such as this.

0:35.4

The Dow up about one half of 1 percent, the S&P, Nasdack and Russell, all higher as well. By the way,

0:40.9

watch small caps. They didn't do anything to begin the year. They're kind of slowly starting to percolate up. Just something to watch. All right. All that brings us to our talk of the tape. You got the Fed decision on Wednesday. You got a very busy earning season.

0:54.5

Can anything derail the rally?

0:56.1

Should all the bears, if there's any left still growling around?

0:59.8

Should they finally go in to hibernation?

1:01.8

All right, let's ask Anastasia Amaroso, I Capital's chief

1:04.8

investment strategist who joins us here at post nine. Anastasia, good to see you in person.

1:09.6

Good to see you, Brian. On a Dow, 11 days, I mean, to what what's happened I don't understand what changed from two weeks ago well that's the that's the point is that now much has changed

1:18.4

meaning the technical backdrop is still absolutely constructive for stocks meaning if we stay around these

1:23.7

current levels we're going to continue to trade above all the key moving averages

1:27.2

we're going to continue to trade above all the key CTA commodity trading

1:30.9

advisor threshold and that means there's no reason to

1:33.6

sell and that's what hasn't changed there's not been a catalyst to sell and when I

1:37.8

think about this week you know we go into just a monster week for Central Bank

1:41.7

meetings we've got the Fed we've got the Fed, we've got the

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