Charles Payne's Market Commentary

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Morning Commentary

HERE COMES THE SUN

By Charles Payne, CEO & Principal Analyst
3/13/2023 9:53 AM

Here comes the sun, doo-doo-doo-doo

Here comes the sun, and I say

It's alright

Little darlin', it's been a long, cold, lonely winter

Little darlin', it feels like years since it's been here

Here comes the sun, doo-doo-doo-doo

Here comes the sun, and I say

It's alright

Little darlin', the smile's returning to their faces

Little darlin', it seems like years since it's been here

Here comes the sun

Here comes the sun, and I say

It's alright

Sun, sun, sun, here it comes

-The Beatles

The Beatles classic “Here Comes the Sun” is now known as ‘Here Comes the Fed’ after the Federal Reserve used emergency measures (they carry them around like a box of cough drops) to make all depositors whole at Silicon Valley and Signature Bank.

They rescued Silicon Valley Bank.

The Fed also turned futures around from a 1.5% decline to a 1.5% advance. All this fake stuff feels like a beach party in the Hamptons. On Friday, Real Estate (XLRE) was the hardest hit sector because we had serious problems with commercial real estate and the impact of working from home.

Hint: it destroyed downtown businesses.

There are many challenges still, including getting ‘bacon’ above the 200-day moving average and reversing the string of lower lows and higher highs.

Chart

The markets will refocus on the Consumer Price Index (CPI) and retail sales. But today is all about the bailout dressed up as an effort to save the people; you know, regular folks with millions in the bank.

Economic Calendar

Portfolio Approach

We are suspending our Current Buy list in the hotline model portfolio.

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Today’s Session

Renewed pressure on stocks and bonds of banks should not come as a big surprise. The market continues to digest the latest on the fallout of Silicon Valley Bank (SVB) saga.

Fed rate expectations continue to move, now the markets are pricing a 96.7% probability of a 25-basis point hike in the next meeting and no more hikes and rate cuts starting in September.

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