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Afternoon Note

Downtrend In Place

By Charles Payne, CEO & Principal Analyst
8/30/2022 1:23 PM

The market is lower on better-than-expected news, but maybe it is an overreaction.

Consumer Confidence came in 103.2 from 95.3 and consensus of 97.4.  Although the number came in above consensus, the Conference Board made key points:

The downtrend is still in place and more than likely will move lower.

The JOLTs report also came in better than expected with 11.24 million from 10.30 million.

But quits edged a little lower, and this is the key JOLTs component for the Fed.

The economy is slowing. There are ebbs and flows, especially with sentiment when oil moves up, or as it has recently, moves lower.

The cost and availability of heating oil in the Northeast will drown all the fire out consumer confidence this winter.

Paul Krueger on 8/30/2022 1:34:19 PM

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