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Afternoon Note

Breaking Down

By Charles Payne, CEO & Principal Analyst
11/8/2022 1:43 PM

The most underreported influence on the market this year has been the strong dollar. For many, it sounds counterintuitive to want the dollar to be weaker, as there are a number of positives, right? But it's breaking down, and that's great news for the market - might even hint at a less aggressive Federal Reserve.

The VIX keeps breaking down as well - it’s really remarkable; although, many on the street think it’s a reason to be bearish.  I do not agree. It's a gauge and does what it does not what we want it to do. 

Sure, it could still spike. But I not sure what would be the spark to get it above 36 - an asteroid hitting the planet? 

Today is a glorious day when Americans get to go out and have their say in our leaders and policies.  

There has been a surge in lack of confidence in the accuracy of elections, and while more Republicans are concerned, it’s not a stretch to see those numbers reverse next time the GOP holds all the cards in DC.

In fact, the presumption of bad intentions from state voting laws saw the major league baseball pull the all-star game from Atlanta.   Nobody called the move seditious.  Dumb and misguided, but it wasn’t considered a blow to democracy.

As it turns out, Georgia is shattering election records in early voting, and I bet the overall tally will be the highest ever.


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