At this point, I've seen this behavior countless times in my five-decade career... I'm sure you've seen it, too. I'm talking about the market's naysayers and curmudgeons. Specifically, I'm referring to the folks who don't miss an opportunity to complain loudly about anything they can.
Editor's note: Today, Chaikin Analytics founder Marc Chaikin is sharing a message that longtime readers might remember...
We've shared this essay a couple times over the years in the Chaikin PowerFeed. And in today's market environment, Marc's message is just as important. As he explains, don't let fears over big technological changes stop you from taking advantage of the moneymaking opportunities...
We'll Always Have AI Curmudgeons
By Marc Chaikin, founder, Chaikin Analytics
At this point, I've seen this behavior countless times in my five-decade career...
I'm sure you've seen it, too.
I'm talking about the market's naysayers and curmudgeons. Specifically, I'm referring to the folks who don't miss an opportunity to complain loudly about anything they can.
I remember one particularly amusing headline in August 2023. Take a look...
Now, this article is just an opinion piece from a Bloomberg columnist. And I don't mean to call out the person who wrote it. But I still can't help but chuckle at the message.
I've said it before...
I don't have a crystal ball. I work in quantitative analysis.
I've spent many decades selling technical tools to Wall Street. And by design, that means I had to stay on the leading edge of technology.
Wall Street pros simply won't pay top dollar for a tool if everyone else already has it. To get their attention, you need to be able to show them something new and useful.
And yet, every time something new comes out, some of the loudest opposition comes from these Wall Street pros. They just want to say, "This is nothing. It won't change the world."
Today, I want to look at what history says about that type of mindset...
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Heck, I bet some early humans even panned the invention of the wheel. I can just imagine the writing on the cave wall saying, "This new round thing won't change much."
In fact, we even have written record of the wheel being panned more recently. No kidding...
While discussing the "hot fad" of bicycles in 1902, the Washington Post said, "The popularity of the wheel is doomed." And in 1906, the New York Sun noted, "As a fad, cycling is dead."
History is full of other bad calls on innovation, too...
The curmudgeons criticized the invention of cars as well. In the early days, the New York Times said that prices "will never be sufficiently low to make them as widely popular as were bicycles." And people didn't think the infrastructure would ever make cars practical.
The list is just as silly in recent years...
The curmudgeons saw the answering machine as a novelty for rich people. And they thought laptops would fail as well.
In 1995, a Newsweek writer even predicted the Internet would fail within a year. This wasn't wild commentary from an uneducated author, either. He lived in Silicon Valley!
The guy was saturated in the game-changing technology at the time. And yet, he thought it had reached its peak before it even got off the ground. Specifically, in the article, he said...
Hardware and software will all top out in the mid-90s and, thus, the Internet will never ever get any more user-friendly or portable. Also, it is different and scary.
Folks, that brings me to today's game-changing technology...
I don't have a crystal ball. But it doesn't take magic to see that something big is happening.
The curmudgeons will still tell you that all the talk about AI is much ado about nothing.
But kids in schools are already using generative AI to write papers. And their teachers can't figure out which papers are "real" and which ones are AI-written.
Like it or not, AI is here to stay. And it will only keep getting bigger in the months and years ahead.
Don't miss out on positioning your portfolio to capitalize.
Good investing,
Marc Chaikin
P.S. The AI landscape is a big reason why I'm gearing up to share a major breakthrough...
In short, it's a way to spot the 2.3% of AI and other innovative stocks that could soon experience a massive earnings beat and double or triple your money... before you get in.
I'll share all the details on Wednesday at 10 a.m. Eastern time. And this event is free to attend. All you need to do is register in advance by clicking here.
Market View
Major Indexes and Notable Sectors
# Hld: Bullish Neutral Bearish
Dow 30
-0.26%
6
18
6
S&P 500
-0.53%
92
262
146
Nasdaq
-0.41%
23
59
19
Small Caps
-0.21%
383
1116
388
Bonds
-0.18%
Energy
+1.02%
4
13
6
— According to the Chaikin Power Bar, Small Cap stocks and Large Cap stocks are somewhat Bearish. Major indexes are mixed.
* * * *
Sector Tracker
Sector movement over the last 5 days
Energy
+1.0%
Financial
+0.8%
Information Technology
+0.57%
Communication
+0.25%
Consumer Staples
+0.07%
Real Estate
-0.14%
Industrials
-0.2%
Consumer Discretionary
-0.5%
Utilities
-0.79%
Materials
-1.1%
Health Care
-2.59%
* * * *
Industry Focus
Bank Services
16
77
4
Over the past 6 months, the Bank subsector (KBE) has underperformed the S&P 500 by -4.88%. However, its Power Bar ratio, which measures future potential, is Very Strong, with more Bullish than Bearish stocks. It is currently ranked #5 of 21 subsectors and has moved up 5 slots over the past week.
Top Stocks
BPOP
Popular, Inc.
C
Citigroup Inc.
AX
Axos Financial, Inc.
* * * *
Top Movers
Gainers
KR
+9.84%
BLDR
+7.46%
KMX
+6.59%
COIN
+4.43%
MDLZ
+2.95%
Losers
ACN
-6.86%
CTSH
-4.64%
ALB
-4.61%
ANET
-4.42%
GOOGL
-3.85%
* * * *
Earnings Report
Earnings Surprises
ACN Accenture plc
Q3
$3.49
Beat by $0.17
KR The Kroger Co.
Q1
$1.49
Beat by $0.03
DRI Darden Restaurants, Inc.
Q4
$2.98
Beat by $0.01
* * * *
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