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Payne's Perspective: October 16, 2023: Showdown

By Charles Payne CEO & Principal Analyst

It was the tale of two weeks.

The first part saw a continuation of the improbable rally on Jobs Day. Even after the horrific terror attack, stocks fended off early weakness to rally into the close. The subsequent two sessions were even more impressive as buying spread.

In the week, every sector except Consumer Discretionary (XLY) and Materials (XLB) finished higher.

But the last two sessions stumbled after reminders of the Herculean task of putting inflation to bed once and for all. Inflation expectations have rocketed higher. And there are no buyers for U.S. Treasuries. A sloppy 10 year bond auction was followed by a disastrous 30-year bond auction,and the question remains – how do we fund a government with an insatiable appetite?

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

Charles Payne
Wall Street Strategies


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