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Afternoon Note

Difficult Session

By Charles Payne, CEO & Principal Analyst
5/9/2022 1:36 PM

Bond yield rocketed higher at the start of trading, but yields are beginning to drift lower, which put the equity selloff on pause. But it’s still a difficult session.

The NASDAQ 100 gapped lower, well below former support, but several oversold indicators are ringing.


With the CPI report on Wednesday casting a large shadow of doubt and anxiety, it’s good to see some of the biggest drivers of goods inflation easing.

The Manheim Used Vehicle Value Index has now come down 6.4% from the January high, but it remains +14% from a year ago.


It’s going to be interesting to see how this market finishes the day.  Preside Biden is speaking tomorrow about inflation and will elevate Senator Rick Scott to spokesperson of the GOP in order to play politics and probably take a few shots at greedy businesses, too.

The White House will never give up the ghost on spending, even thought is clear the inflation its spawned has wiped out any would-be benefits.


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