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Payne's Perspective: February 22, 2022: Massive Carnage

By Charles Payne CEO & Principal Analyst

The snowball effect has indeed become a boulder as it was another brutal week for the market where reactions to news - good or bad – were harsh and swift. Consumer Staples (XLP) (defensive), led by Walmart (WMT) and followed by Kraft Heinz (KHC), Procter & Gamble (PG), and Coca-Cola (KO), was the up sector to finish the week higher.

Perhaps the most puzzling action came from Energy (XLE) – the biggest decliner of the week, although the drumbeats of a Russian invasion actually grew louder. But crude oil came down a lot partly to developments that could see Iran reenter the nuke agreement that would officially allow more crude oil on the global market.

Although Technology (XLK) took major body blows, a lot of names rose above the crowd underscoring the shift to rewarding substance and punishing hype.

To read the full report, contact your account representative or email Research@wstreet.com

Charles Payne
Wall Street Strategies


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