Afternoon Note
Changing the Course
By Charles Payne, CEO & Principal Analyst
9/28/2023 1:34 PM
The problem with being in an economy and market that gets pushed and judged by a central bank is having to wait for the money printers and money takers to change course based on old data.
We see where the economy is going.
Item One - pending home sales was a disaster -7.1% while the consensus was -1.0%.
Item Two - final revision GDP 2Q23 saw consumer spending revised significantly.
Item Three - Huge earnings miss at CarMax (KMX) – the stock is getting hammered.
Jay Powell speaks tomorrow - I think he will reintroduce the notion of a soft landing.
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