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Afternoon Note

Gyrating in Tight Range

By Charles Payne, CEO & Principal Analyst
2/8/2017 1:46 PM
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It’s been a sluggish session, but in many ways, that’s a good thing considering the initial reaction to a slew of earnings reports that came up short.

In fact, the reversal in Disney and Buffalo Wild Wings is somewhat remarkable. This underlines the notion that buyers are looking for reasons to buy individual dips, along with broader market dips, too.

On that note, there was one solid rebound attempt that has now faded, but major indices including the Dow Jones Industrial Average (see chart) are holding above earlier lows.

Big news from Intel (INTC), which just meet with President Trump announcing from the White House its plans for a $7.0 billion factory in Arizona that will make the world’s most powerful chips and employ 3,000 people.

The session actually feels more like a lazy summer day, which is interesting considering New York is bracing for a major snow storm.  Of course snow storms are supposed to happen in the winter, and market lulls are also supposed to happen; although, this is record-breaking indecision.

I like the resolve but not sure about the catalyst for a big upside during the remainder of the session.  



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