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Afternoon Note

Right Direction

By Charles Payne, CEO & Principal Analyst
5/13/2022 1:15 PM

Nice rebound here and it should hold into the close.  Choppiness promises to continue, but a few sessions like this could alter the bias of the market.

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Meanwhile, consumer sentiment is in freefall, as the Consumer Sentiment report plunged to 59.1 from 65.2.  The street was looking for 64.1.

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United States Michigan Consumer Sentiment

All aspects of the report are problematic, but the buying conditions for durable goods, swooning to an all-time low, is a flashing red flag.  Ironically, the Fed wants to see this kind of lack of confidence, so the street likes the number, but in real life, it is not great.

Gauge of US consumer sentiment slumps, while buying conditions deteriorate

There are a million miles to go on the upside, so we aren’t popping corks after a couple steps in the right direction.


Iíll need some higher highs and higher lows to put substantive assets back in the market 😄

Matt P on 5/13/2022 1:43:27 PM
Host: in 1979 Volker became fed chairman. Inflation 13% plus . It took till 1984 to get back to 4% inflation.

Michael on 5/14/2022 6:02:38 PM

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