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Afternoon Note

Everything is on Pause (and Drifting)

By Charles Payne, CEO & Principal Analyst
11/15/2017 2:11 PM
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The manufacturing renaissance may have slowed in the New York State area.  However, even with reading down from October, and slightly less than expected, the expectations part of the survey climbed to its highest level since January 2012.

But this market is in no mood for any negative news, so a couple other economic data-point misses and earnings disappointments are taking a toll.

Even with all of that, the market is exhibiting resolve having climbed off the lows a couple of times today.  At this point, the market is taking its cue from D.C., where it seems more likely tax reform will happen.  With the GOP track record of snatching defeat from the jaws of victory, everyone remains on edge.   Barring breaking news on this, I think the market could re-test the low of the session.

One factor missing from this comment and the business channel (Fox) is the impact of significant declines, or increases, in the three major European exchanges. Market traders evaluate all the alternatives including Asian and European exchanges and offerings.

David Harvison on 11/15/2017 3:15:29 PM

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