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Afternoon Note

Stocks Bouncing Nicely

By Charles Payne, CEO & Principal Analyst
10/5/2021 1:36 PM

Today marks the 737th turnaround Tuesday since 1990.  Stocks are bouncing nicely, getting an extra boost from the ISM Service numbers, which came in much better-than-expected.  It’s a reminder that the underlying economy remains resilient.  

By the same token, we are also reminded of pricing pressure and the workers’ strike continues to slow full recovery.

ISM Non-Manufacturing 

In fact, among those items mentioned in short supply includes truck drivers.

 

Commodities in Short Supply

Adhesives; Blood Collection Tubes; Chicken; Computer Equipment (2); Construction Contractors; Construction Subcontractors (2); COVID-19 Testing Kits; Drivers; Electrical Components; Fiber-Optic Cable (3); Generators; Heating, Ventilation and Air Conditioning (HVAC) Equipment; Labor (2); Labor — Temporary (9); Laptops and Desktop Computers (2); Media Supplies; Microchips (2); Needles and Syringes (2); Ocean Freight Containers; Pipette (7); Polypropylene; Resin-Based Products (2); Steel Products; Surgical Gloves; and Truck Drivers.

 

Note: The number of consecutive months the commodity is listed is indicated after each item.

I think you have to hold your positions and prepare for a strong year-end rally. 
 

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