Wall Street Strategies
Hello! Sign in or Register

Afternoon Note

Not Long To Fizzle

By Charles Payne, CEO & Principal Analyst
9/6/2022 1:17 PM

It didn't take long for the pre-open rally to fizzle. The ISM Service number came in better than expected, and that's a big no-no these days.

The 56.9 read was up from 56.7, and ahead of consensus of 55.3.  Prices paid barely nudged, however, at 71.5 from 72.3. 

The first early rebound was encouraging, but just like Friday, early resolve was greeted with skepticism. Fewer investors are willing to guess the bottom, and it is going to take a heck of a move to get folks to chase the upside. 

Defensive sectors are higher. 

The market is holding up better than I thought it might, but the big test comes with less than an hour of trading left. 


Log In To Add Your Comment

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.