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Afternoon Note

STALEMATE †

By Charles Payne, CEO & Principal Analyst
1/15/2021 1:30 PM

It has been a very intriguing session thus far.  The market opened better than I anticipated, then began to sell off.  Just when it appeared to be vulnerable to falling through a trapdoor, it found a pocket of resolve.

So, once again we see where a lack of catalyst can lead to the market stumbling, and at the same token, most folks sitting on big profits are reluctant to ring the register.  It’s a good old-fashioned stalemate, which really is a bullish statement.

There should be a lot more selling, considering bank earnings couldn’t move the needle, and investors are looking at a three-day weekend.

It remains to be seen if the S&P and NASDAQ Composite can move all the way back to into the green, although the latter was acting great early in the session.

Most of economic data out today missed the market consensus with the exception of factory data.  The biggest hit was to retail sales control number, which is a component of the GDP report.

Economic Data

Actual

Estimate

Prior

Empire State

3.50

6.00

4.90

Retail Sale

-0.7

-0.2

-1.4

Retail Sales Control

-1.9

0.1

-1.1

Capacity Utilization

74.5

73.6

73.4

Industrial Production

1.6

0.5

0.5

Consumer confidence

79.2

80.0

80.7

 

I’m still very excited about individual opportunities, but I admit there are not a lot of cheap stocks out there, but there are a ton of amazing businesses that the market is realizing shouldn’t be judged on the next 52-weeks.

This will continue to be our advantage over old Wall Street, but there are times to listen to the action and tape.  Our cash is much higher now, but we are vigilant and ready to pounce.

Enjoy your weekend and let Martin Luther King Jr Day be a perfect chance to catch up with family and friends and remember who we are. 

 


Comments
I'm noticing gas prices in NJ rising and not slowly. Might be time to take a shot at an energy stock??

David Howley on 1/15/2021 2:09:26 PM
Finally some reality, taking a beating though long overdue, too easy so far though today might make a turn, is all the good news and optimism in and now we wait and market sells off a bit. Do not like the ride down, sometimes nothing works, those are days to nervously lower risk. Thanks Charles for all you do, I wish there were more short ideas and etf shorts to ride out risk.

Chris Heeder on 1/15/2021 2:17:19 PM
Martin Luther King. Had a thought about the man early this morning. Would love to bring him back and let him school us on this " Woke" culture. His " Let us judge a man by the content of his character and not the color of his skin!" I think he would be joining the conservatives much sooner that he would be listening to the shrill of the leftist! Let us get back to the beauty of a FREE America and free Americans no matter what color they are born with. American's unite!

Lorin K on 1/15/2021 5:12:11 PM
I agree! What a crazy time.† Thanks†Lorin CP

Charles Payne on 1/16/2021 9:14:03 AM
I just sign up

Michael GUGGINO,CLU on 1/16/2021 12:59:09 AM
Couldn't agree more. I'm afraid for America. Doesn't look like there's much the average person can do.


DJ Parker on 1/16/2021 8:15:23 PM
Thank you CP for always being solid about your advice. Time to enjoy the weekend.

Honora M. on 1/16/2021 11:17:04 PM
I agree stock prices are a lot higher and harder to acquire. Question, Iíve had Mutual Funds for almost 8 years with a penance of return. They always say yeah but look at the % of return. Whatís the most important number here?
You know they always want old people to have ď safeĒ stock so how safe to dump all MF and just buy stock ?
Things Iím mulling over at 6:00am on a Sunday morning.
Thank you Charles for sharing your knowledge with your viewing audience, fans.

Laura Garrett on 1/17/2021 7:27:52 AM
Enjoyed your MLK show today reflecting on the notion the Democrats have the opportunity to bring our country together. My take, the Democrats will instead spit more venom just as they have done the last 5 years.
I agree drones are going to be important in the near future, but to capture the momentum you will need to put together your own ETF that will include among many others Nvidia and Boeing. I donít think large corporations like Amazon or Walmart are going to be ordering Drones from someone who canít deliver them by the thousands.

Emmett on 1/18/2021 4:52:03 PM
 

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