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Afternoon Note

McCabe Under the Bright Lights

By Charles Payne, CEO & Principal Analyst
5/11/2017 1:09 PM
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Acting FBI Director Andrew McCabe in the hot seat today has captured the attention of everyone, including the stock market.  Although the Senate hearing was to cover all areas of the intelligence community, and risks to the nation, the subplot of what happened behind the scenes of the Comey firing, and if there is anything to the lingering Russia investigation, dominates. 

It has been riveting with lots of intrigue but no answers or conclusions.

McCabe versus White House

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The Market

Meanwhile, the market has climbed off the lows as it grapples with great macro data on the economy and realities that some industries like retail are in a deep crisis.  Moreover, Aetna pulling completely out of Obamacare puts even more pressure on the Senate to come up with their version of replacement.

Lots of noise and confusion, except through it all, the economy is moving in the right direction, and that’s your foundation for the rally. 

The only thing McCabe needs is to be shown the road out of the FBI and/or a jail cell.

Joseph Steiner on 5/11/2017 2:24:57 PM

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