SPY - EXCLUSIVE: Buy The Dip — There's A Lot More Upside To Come Says Marc Chaikin | Benzinga
Stocks have experienced a shaky beginning in 2024, with initial losses followed by slight gains on Thursday. However, Marc Chaikin, founder and CEO of Chaikin Analytics, believes that this does not signify an end to the rally that began in late October.
During his appearance on Benzinga PreMarket Prep, Chaikin highlighted his perspective, especially for the 493 stocks in the S&P 500 that fall outside the realm of the so-called Magnificent Seven tech giants. He pointed out that this period could be particularly significant for these stocks, suggesting potential opportunities outside the tech sector.
Despite a small gain during Thursday morning, the broad market index remains 1.1% lower since 2024 trading began on Tuesday. The exchange traded fund that tracks the index, the SPDR S&P 500 ETF (NYSE:SPY) is down by the same amount.
Chaikin puts this in context by explaining that on Tuesday, when the S&P 500 fell by 1%, there were more stocks that gained than stocks that lost. Because of the huge weighting of the Mag7 — Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), Nvidia Inc (NASDAQ:NVDA) et al — the market was lower.
“If ...