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Afternoon Note

Interesting Reaction

By Charles Payne, CEO & Principal Analyst
7/9/2020 1:45 PM

An interesting reaction to a pair of Supreme Court decisions this morning.  President Trump won a huge victory over House Democrats seeking access to his financial records, but the high court will allow the Manhattan District Attorney to see those same documents.

Although they are supposed to be kept secret, and seen only by a grand jury, the stock market is indicting there will be leaks. Those leaks could possibly interfere with the election.

I think this is a one-day event and the focus will remain on what kind of stimulus package Congress can put together and deliver before July 31.  I have spoken to enough Republican lawmakers to know they could be moving too slow and be too focused on things that have less consequence in the middle of a national emergency than under normal conditions.

The good news is the White House gets it and probably will begin to signal for larger checks and a wider round of stimulus aimed at an even wider base of recipients.

Market breadth is not pretty, but it’s also not alarming, either.

Industry of the Day (last five years)

Keep an eye on software, which gets lost in all the hype over big Technology and Communication names. But these names are the plumbing which make all those things work.

 


Comments
His Tax records will be all over the internet within 24 hours of the Manhattan Court getting their hands on them!

garro on 7/9/2020 2:21:48 PM
Charles, the Court ruled that the Manhattan DAs office can make an application to the Court, does not give him immediate access to his tax returns, it will be litigated and decided long after the November election. The Markets are reacting to headlines.

Robert Gunyan on 7/9/2020 2:48:36 PM
Please check page 15 of yesterday's Wall Street Journal's article, "How Japan Beat Coronavirus" by Yasutoshi Nishimura, Japan's minster of state for economic revitalization and in charge of
Covid-19. Very important discovery is 80% of those with the virus don't pass it on to anyone else. Most is spread from super spreader. Extensive contact tracing with their new super computer helped provided that discovery. Thanks for all your hard work for us-

Dave Daubard on 7/9/2020 6:15:47 PM
 

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