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Afternoon Note

Taking a Break

By Charles Payne, CEO & Principal Analyst
1/29/2018 2:29 PM
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Texas factory activity continued to expand in January according to the Dallas Fed Manufacturing survey.  Several areas had slower growth in January; however, general business activity hit a 12-year high, +33.4 compared to +29.7% from last month, and exceeding the expectations of +25.4.

The Texas Manufacturing Outlook survey cites, “Expectations regarding future business conditions were even more optimistic in January. The index of future general business activity rose four points to 44.5, its highest level since December 2004. The future company outlook index edged up to 43.2, also a relatively high level. Other indexes of future manufacturing activity pushed further into positive territory.”

The major indices are taking a break today, down between 0.3 and 0.4%.  Ten out of the eleven S&P500 sectors are in the red, with the lone bright spot being Consumer Discretionary.  Decliners far outpace advancers 2292/680 on the NYSE and 1719/1023 on the Nasdaq.

It is a busy week between the State of the Union tomorrow night, the FOMC policy directive release on Wednesday (the last under Janet Yellen), and then the Employment Report on Friday.  Not to mention the earnings releases this week from some big names such as Apple (AAPL) Alphabet (GOOGL), Boeing (BA), Facebook (BA), Microsoft (MSFT), to name a few. 

The 10-year note is currently trading around 2.7% and mortgage rates, which are hovering around 4.5%, are at the highest rate in over 4 years.   The dollar is up today against a basket of currencies and oil is moving lower. 

Let’s not force the issue this afternoon.


Comments
Charles, I heard you speak Saturday in Scottsdale. You were outstanding and VERY impressive. Thanks for coming to Scottsdale.

phil smith on 1/29/2018 2:49:51 PM
Thank you very much Phil it was a pleasure. So many knowledgeable and patriotic Americans the aura was so positive. CP

Charles Payne on 1/29/2018 2:52:43 PM
I admire your success, Charles, but I think you willfully ignore the wild experiment going on with central banks (funding corporate buy-backs, direct purchases, etc) pumping equity valuations to stratospheric and worrisome levels. Historic metrics and analysis are out the window. How about some truthful assessment?

Rob on 1/29/2018 4:14:08 PM
 

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