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Afternoon Note

Seesawing Continues

By Charles Payne, CEO & Principal Analyst
7/12/2021 1:27 PM

We exited out of a seesaw week to already witness the same kind of confusion start this week.  Premarket, growth names were catching a bid, while blue chips were in the red.  Once trading began, mega growth stocks limped out the game, and investors shifted back to value.

It has to be pointed out; however, the trading range is too narrow to draw any conclusions other than angst. In addition, earnings season kicks off, and we get the latest reading on inflation. 

The ten-year yield is still not screaming "inflation," but the experts keep pounding the table that inflation is an unstoppable tidal wave - for some, they have put too much political credibility into changing their minds.

I'm excited about earnings, even though amazing 1Q results were jeered not cheered. 

The good news is upside bias remains in place after last week's seesawing action, but nothing is definitive at the moment. Just waiting. 


 

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