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Payne's Perspective: October 17, 2022: Treacherous Straits

By Charles Payne CEO & Principal Analyst

Like so many stories in classical mythology, Scylla was a beautiful nymph child of Typhon and Echidna. She lost her mind after her children died as punishment by Hera, and she was subsequently banished into a long slumber deep inside the sea by Zeus.

Released by Poseidon, who was also taken by her beauty, she was once again targeted by jealously. Magic herbs were placed into a pool where Scylla bathed. 

Upon entering the bath, six horrible monsters sprang out of her neck rapidly growing to an enormous size.

Scylla moved to the banks of the sea, where she lurked off a cliff attacking all ships that sailed by, but mostly trying to avoid Charybdis, a giant whirlpool.

And so today, the story lives via a stock market that sees destruction each day while navigating between the devastating impact of inflation and recession, which is already a six-headed monster for many businesses.  Yet, it promises to grow even larger and more menacing.

These days, it’s not those jealous gods of Mount Olympus and their petty squabbles. Instead, it’s the manmade mistakes of powerful people, ostensibly in charge of protecting a society that let it down in a quest for more power and blind ideologic pursuit like the race to a Green Utopia.

Turbulent Seas

The week was greener on the Heat Map than in prior weeks, but those names in the red carry the most powerful punch, which is great when they are leading the way. But as we are finding out, devastating when they are an anchor on the rest of the market.

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

Charles Payne
Wall Street Strategies


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