7/10/2023
By Charles Payne CEO & Principal Analyst

It was an odd week that began with the placement of the Fourth of July on Tuesday, which made the whole week feel like the Friday session after Thanksgiving.

The Friday session was especially intriguing after the jobs report missed Wall Street’s consensus after fourteen straight months of beats.

The market stumbled out the gate, rallied, and stumbled into the close. It was very unusual and probably gave bears hope over the weekend. The Bears have jumped the gun so many times this year that at some point, they’ll get a tiny whiff of satisfaction. But their vast misread of the market this year isn’t going to be erased unless ‘Martians’ land in Times Square. Still, the stock market is due for a pullback.

Remember that there could be a situation that sees the market stumble a bit, but there are more advancers than decliners, which has been the opposite thus far in 2023.

I have been saying throughout the year that it doesn’t matter for those with index funds what the composition of the rally has been. Anyone that took profits from these gains won’t be queried on how they got the funds when they go to the mall or pay a child’s tuition.

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

Charles Payne
Wall Street Strategies

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