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Afternoon Note

Staging A Comeback

By Charles Payne, CEO & Principal Analyst
11/17/2022 1:52 PM

Stocks have staged a comeback from the lows of the morning and shrugging off comments from the Fed and economic data thanks in part to several good earnings reports.  Companies like Cisco (CSCO) +5%, Macy’s (M) +15%, Bath & Body Works (BBWI) +26% are helping lift the market.

The Dow has reversed about 300 points and the Nasdaq has turned slightly positive. The S&P 500 is still down, but way off the lows and looks like it wants to go green. Only two of the S&P 500 sectors are in the green, Technology and Healthcare, while safe haven Utilities is the worst performer.   

WTI is down over 4% trading around $82 a barrel, as the outlook for demand weakens. So much for China ending its zero-Covid policy.  New outbreaks are putting an end to those plans.  Meanwhile, oil is flowing from Russia to Hungary again through the Druzhba pipeline after a power disruption.

Breadth is still decidedly negative, although the up volume on the Nasdaq outpaces the down.

Let's see if we can build on this reversal and rally into the close.  



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