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Payne's Perspective: December 11, 2023: Hardheadness

By Charles Payne CEO & Principal Analyst

It was a good week for all the right reasons. According to most metrics Wall Street uses, the economy is slowing but not falling off a cliff. (Ironically, this can be detrimental and is why the Street is caught off guard so often.) After a shaky start to the week, a surge on Friday made the difference.

What stands out during the week is more intensive selling in down sectors than buying in sectors that finished higher. Disappointment is still being greeted with harsh selling. Energy (XLE) is getting slammed again as West Texas Intermediate(WTI) continues to retreat.

The move in crude is perplexing, especially for the Organization of the Petroleum Exporting Countries (OPEC), which continues to cut production. By the end of the week, a bunch of the blame was placed on algorithmic’s money managers.

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

Charles Payne
Wall Street Strategies


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