Payne's Perspective: February 6, 2023: Bear Tears
After enjoying complete dominance in 2022, market bears are watching stocks defy the same message that slammed them and kept them down.
Not surprisingly, those bears remain bearish.
But I’m not worried about bears and curmudgeons as much as I am about vengeful shorts. Of course, then, they will simply reload and double up on their message. But things have changed.
It was another fascinating week that saw the rally continue and the angst ease a bit. Still, questions remain regarding the Federal Reserve and the notion of a full employment recession. Although most market participants were in the bear camp coming into the year, I am sure that the rare bull probably would admit the market is overbought at this point.
This means the next big tests would not be on the upside but on the downside. Can former resistance tests hold as support? And will the Fed go out of its way to tamp market enthusiasm after Jay Powell offered all the usual warnings during his presser - while admitting inflation has peaked as disinflation has begun?
The one thing we all should take from the week and year is that markets come back, and that’s why you want to be an investor.
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