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Afternoon Note

Consumer Confidence Soars

By Charles Payne, CEO & Principal Analyst
9/29/2020 1:19 PM

It’s been tough sledding all session long for the market, which is once again dealing with a lot of Covid 19 headlines from the United Kingdom to New York City.  We know these headlines are going to keep coming, and even higher death rates from the current lows, but make sure to measure those against death rates during the throes of the pandemic in the summer.

I do not think those rates will be the same, and I also believe hospitalizations will not reach levels that threaten entire hospital systems. But the headlines are moving the markets, especially algorithms.

Meanwhile, consumer credit came in significantly higher than anticipated.  At 101.8 Consumer Confidence from the Conference Board saw its biggest gain in 17 years, and it beat consensus of 88.9.

Don’t look now, but we are getting even closer to a fiscal stimulus package and that would be huge for the economy and the market.

We can handle increasing cases, even if it means some pressure on the market, with a ton of vaccines prospects in the pipeline, including four in phase three.

We are not panicking, and in fact, we continue to sharpen our potential buy list. If you are not already a subscriber to our Hotline service, contact your account reporesentative or email us at Info@wstreet.com to get started today. 

An important but often overlooked fact is that most of these people really died from a weak heart, kidney problems, and other diseases exacerbated by Covid-19.

Bob DesRochers on 9/30/2020 9:48:18 AM

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