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Afternoon Note

Anyone Taking the Bait

By Charles Payne, CEO & Principal Analyst
9/19/2022 1:14 PM

The market is exhibiting a fair amount of resolve; although, the bears are firmly in control.  The real issue is getting anyone to take the bait today or tomorrow.

I suspect there will be spec buyers on Wednesday, and most are hoping to get filled at lower levels. 

With that said, buyers that want to be long before the FOMC wraps up could come under pressure if the highs of the session are taken out before the close.

An interesting board today, with Industrials rebounding - many were oversold with Federal Express (FDX), and Materials coming on nicely. Consumer Discretionary continues to be the most intriguing growth sector - counterintuitive with high levels of inflation. But Americans never stop spending until they have tapped out everything. 

Overall, I am liking this action. 


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