Wall Street Strategies
Hello! Sign in or Register


Morning Commentary

Congress Can Make It Right

By Charles Payne, CEO & Principal Analyst
12/24/2020 9:43 AM

It was a strange session yesterday that saw the market bolt higher on glimmers of hope that maybe there could be more household relief in a relief package that was heavy on help; it just seemed to forget about helping the nation’s most needy folks.  Folks that were gainfully employed and want to work but have been ordered to stay at home.

The billions going to build museums and fund the wealthiest organizations that are frequented by the wealthiest folks is kind of despicable under the current circumstances.  Even more egregious are the enormous sums being sent aboard while millions face an eviction cliff.

And do not give me that junk that one bill is the budget and the other Covid-19 relief, so they should not be conflated.  The reason they are conflated is lawmakers saw a chance to sneak in funding for all their pet projects using the cover of Americans pain and suffering.

Money is fungible, especially American taxpayer money, and its time it was used to help people during the biggest financial challenge in almost a century.  The V-shape bounce has been remarkable, but there are too many folks left out.  It’s a shame that lawmakers are able to destroy industries and stop willing owners, workers and patrons from doing business.  

GOP House members are on a call today at 3PM. Let’s see if they can find way to up household payments to $1,200 per person.

By the way, this is a pox on both political houses.  Its not just about the woefully low amount of money being sent to households, its also about the excessive spending sent overseas and inside the nation that attempt to make up for the largesse of reckless state and local government spending and policies.   

I wrote this yesterday.  The current emergency Covid-19 relief act tallies at $286 billion.  Where is the rest of $900.0 billion bill going?  The Congressional bill is almost $500.0 billion less than the Cares Act.    To be true, the situation is less dire in general, but also worst for millions.  

 

Fiscal Stimulus

 

Unemployment

Supplements

Weekly

Total

Per person

Total

CARES

$600

$462 billion

$1,200

$292 billion

Emergency Relief

$300

$120 billion

$600

$166 billion

Message of Market

It was an odd session that saw traditional havens and the new havens (Technology) sell off, as investors continue to new opportunities.

S&P 500 Index

+0.07%

 

Communication Services XLC

+0.58%

 

Consumer Discretionary XLY

+0.22%

 

Consumer Staples XLP

+0.33%

 

Energy XLE

+2.21%

 

Financials XLF

+1.65%

 

Health Care XLV

+0.07%

 

Industrials XLI

+0.53%

 

Materials XLB

+0.14%

 

Real Estate XLRE

 

-0.95%

Technology XLK

 

-0.76%

Utilities XLU

 

-0.20%

Maslow Needs Hierarchy

The spike in TSA checkpoint travel tells me American activity will move from behind the laptop at home and into the streets faster than the so-called herd immunity happens.  I think this will be great for the economy and even soothe that intangible inside us that seeks individual freedom.  I’m sure its embedded somewhere in Maslow’s hierarchy of needs.

 Portfolio Approach

There were no changes in the Hotline Model Portfolio yesterday.

Today’s Session

Its going to be a quiet day with the market closing early.

I personally want to wish everyone a Merry Christmas – this year has taught us what the day is really all about.

God Bless


Comments
Hi Charles
This is the year that truly embrace what matters... love, family, friends, and romance. Embrace your magic moment. It's a gift from God.

Best wishes for the holidays and 2021. :)


Tonya Trotter on 12/24/2020 10:16:48 AM
Thank you Tonya,  CP

Charles Payne on 12/24/2020 10:27:57 AM
The people have lost their country. The 3 branches of government are all corrupt with the legislative and judicial branches leading the way. These huge spending bills are not helping the average Joe. They just feed the PORK and special interests. American citizens should be prioritized not the foreign and non-essential political wish lists of the feckless Congress! 5500+ bill is a joke! Vote these fools out!

RICHARD M NELSON on 12/24/2020 10:25:37 AM
Merry Christmas Charles! Wishing you and your family blessings. May Our Lord Jesus Christ be with you.

Patricia on 12/24/2020 10:31:52 AM
Charles:

Thank you for your insight, attitude and advice.

Merry Christmas to you and yours.

Jamie Ramsden on 12/24/2020 10:32:12 AM
Merry Christmas to you Charles and your staff!

Lorin K on 12/24/2020 10:33:55 AM
Charles,

I pray that you and your family (I suspect you count your employees on that list) a very merry & blessed Christmas.

Tom

Tom Wood on 12/24/2020 10:35:05 AM
And someone may literally get hurt because we want to fund gender studies in Pakistan, of all places.

Jonathan Lester on 12/24/2020 10:39:16 AM
Charles,

Your commentary is spot on. We seem to have no representation in Washington anymore.
I wish you and yours a most blessed Christmas and a SAFE & HAPPY 2021!
God bless,
Mark

Mark Worley on 12/24/2020 11:00:41 AM
Agree, all branches of government are both political and corrupt. US desperately needs term limits, 2 for Senate;6 for House. The public needs to demand this change.

PAUL ROESSEL on 12/24/2020 11:31:42 AM
Best wishes for a very Merry Christmas to you and your family! Thank you for your advice and insights. Wishing you God's many blessings in the year ahead.

Jeffery and Valerie Baird on 12/24/2020 12:36:53 PM
A wonderful fact that the babe in the manger grew up, was crucified, resurrected, ascended and sits the victor and the Man in the glory as God's firstborn son with our Father in heaven high above all pandemics, pork, and politics. He is accesible and real to us today as is all of God's desire and plans in His economy if we just call on Him to redeem us and establish us in His Ways, His Truth/Reality and His overcoming and transforming life. A most meaningful and merry Christmas to you and yours Charles. PS Just keep telling it like it is brother!

Dave Kirby on 12/24/2020 12:49:49 PM
Merry Christmas to you and everyone in your orbit, Charles!

Patricia Flynn on 12/24/2020 12:54:33 PM
Charles Thank you for your comments. Both sides of the aisle bear the burden that we are now in and Joe Biden and his controllers will not help. The past election reminds me of what happened to Prime Minister Winston Churchill after WWII. He saved the country only to be kicked out. Trump was on his way to a badly needed turn around in the USA, but so many folks got the wrong message from the Fake Media. God help us. In the interim we can all pray for America to return to its roots, and take time to enjoy a VERY MERRY CHRISTMAS TO ALL, especially you and your family. GOD BLESS

Noel Hobbs on 12/24/2020 2:38:42 PM
Merry Christmas to you and your Family! Thank you for helping us with understanding the market much better! Happy New Year!

Marty Overmyer on 12/24/2020 3:13:34 PM
Hey man,
May God pull Perdue and Kelly through in spite of obvious election fraud. Even during early voting the irregularities I noted in my small South Georgia were astonishing.
Merry Christmas!

Steve M on 12/24/2020 3:22:55 PM
The Man!!! Merry Christmas and Thank you.

Ray on 12/24/2020 6:11:01 PM
As usual your comments are spot on about what is going on in DC. Merry Christmas

Kirk C Gudenau on 12/24/2020 8:28:58 PM
Good read Charles; as always.
Those elected office holders need a come to Jesus meeting with those who elected them.
With billions going overseas and to the lofty institutions in the country, one could ask "what's in it for me" (WIIFM), just one of the 10's of millions of Americans that send in their taxes every year. This stimulus is as disgusting as the politicians who put this scam together.
Nobody cares about the Kennedy Center or Smithsonian opening new locations.
Take care of your people elected officials!
Respectfully,

Tim Abbott on 12/24/2020 9:35:16 PM
Merry Christmas Charles, to you and your family. You are doing a great job and it is fun investing with you.

Glenn Peter Moradian on 12/25/2020 6:10:41 PM
 

Add Your Comment


Submitted comments are subject to moderation before posting.


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.