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Afternoon Note

Backing and Filling

By Charles Payne, CEO & Principal Analyst
1/26/2023 1:09 PM

It is an intriguing session this far, as the market came out of the gate with some gusto. Then, it began to meander.  I like this kind of backing and filling, which feels more like switch and bait. It gets those weaker hands out when the rallies fade.  We have seen it a lot over the years.

Speaking of which, there is a major decline in individual investors' bullishness.  Remain cautious, but not bearish - you have come too far.

I don’t like that bond yields are higher and keep holding at pivotal support.  And then, of course, we are still waiting for the S&P 500 to close above 4,100.


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