Morning Commentary

Happy Spring
By Charles Payne, CEO & Principal Analyst
3/20/2017 8:55 AM

This is a very quiet week for economic data, and just a little busier for earnings reports, so investors will get a chance to look within for direction.  Periods like this are great to evaluate the current bias of investors as they would be able to use exogenous factors for near term decisions on buying or selling.

Of course, there is always a fair amount of news out of Washington, and this week’s schedule is crazier than normal.  In addition to the arm-twisting, as we race to Thursday’s House vote on Obamacare Repeal and Replace, Capitol Hill will be abuzz today with the:

• Comey Testimony
• Gorsuch Hearings

There’s also news that the UK will invoke Article 50 on March 29 to officially begin its divorce from the EU.  For the Dow, there is some support around 20,800, but a real pullback would bring 20,500 into play.

I’m feeling very confident about the market and want to point out no matter how the House votes on Thursday, it takes us closer to tax reform and other issues that would lubricate the wheels of commerce.  We don’t have to force the issue here, but be ready. Its spring again so be ready to pounce.       

 CP

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