Payne's Perspective: Spetember 23, 2019: Much Better Than You Think
After a string of strong weeks, the market finally ran out of steam, as the Federal Reserve did its thing but left President Trump wanting more and Wall Street very confused. Don’t get me wrong; Wall Street always wants more, but they believe they can quietly persuade the rudderless Fed to do its bidding.
For all the handwringing about Trump’s attacks on Jay Powell, it’s Wall Street selling tantrums that make the most noise in the halls of the Federal Reserve.
The oil crisis came and went, although it was big enough at the start of the week to make Energy the biggest winner for the week. (more on potential Black Swans and how well the market handled them.)
Utilities and Real Estate fared well, reflecting the return of anxiety. On the flip side, Consumer Discretionary was the biggest loser, as that “value” trade that saw buyers flock to the biggest losers (not always indicative of value) reversed itself. It’s still obvious winners in retail will win big, and the rest will meet the fate of Wanamaker’s, Marshall Field’s and Woolworth (in the United States).
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