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Afternoon Note

Bottom Dropped

By Charles Payne, CEO & Principal Analyst
6/8/2022 1:21 PM

The market was acting like it was ready to rally, then the bottom dropped out.  There were no big changes to treasury yield or crude oil – both were threatening from the start of trading.  Maybe, it was this:

Breaking News

The SEC signals it will do more than deliver lip service and finally shake up stock trading rules.

Robinhood Executive Attacks SEC’s Plans to Shake Up Stock-Trading Rules


A top executive with Robinhood blasted the Securities and Exchange Commission over its efforts to shake up the rules that govern U.S. stock trading.

Chief Legal Officer Dan Gallagher said Wednesday that individual investors were enjoying huge benefits, such as zero-commission trading and lightning-fast execution of their stock orders, from the current structure of U.S. equity markets.

“It is a really good climate for retail, so to go in and muck with it right now, to me, is a little worrisome,”

I have news for Dan, the system is already mucked up and losing confidence of retail investors every day.

Ironically, as the news was crossing the wires, the stock market took a big hit and a tweet at Zero Hedge summed up what a lot of people believe:

I’m thrilled the SEC finally discovered retail investors. Although, I do not 100% trust that the final rule changes will live up to the promise.

Still, I think there is an elegant solution where retail could pay a small commission and truly be the customer rather than the mark.

Remember, if it’s too good to be true…it’s a cookbook.

Okay, just two nights and a wakeup to the CPI report.  I do not think there has ever been a more anticipated CPI report in my life. 


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