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Afternoon Note

Piercing 200 Day

By Charles Payne, CEO & Principal Analyst
1/18/2022 1:52 PM

Selling begets selling, especially on the NASDAQ, and now the index is piercing through its 200-day moving average. I would like to see it close above this very critical support point.  Below this point and additional selling is automatic - known as climatic. 

There is also a sea of red for the S&P 500 where there is no place to hide beyond Energy names, which are higher in part to the return of geopolitical risk

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I believe this is 100% emotional at this point - even if you factor in four rate hikes - the liftoff is coming  from zero. 

The VIX is higher, but nowhere near where one would imagine.

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The last hour of trading is going to be interesting.  Besides being oversold, there is no reason for the markets to rally into the close.  


Searing pts.....chuck!

Patrick J Pedley on 1/18/2022 3:27:45 PM

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