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Afternoon Note

Message from Investors to Washington

By Charles Payne, CEO & Principal Analyst
9/5/2017 1:32 PM
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It's been tough sledding all session long as the market has grappled with a variety of issues, few of which have readily available solutions.   But, I think the main issue driving the market lower is not a lack of solutions but a lack of will power.  Congress has failed, and there is little hope they can or will get their act together particularly with so many pending issues.

Goldman is getting slammed, as the smartest guys in the room have also lost trust they have a viable game plan.  The stock has slipped under it's 50 and 200-day moving average (exponential) and must make a stand or could fall under $200.00 a share.   Energy is higher but has been range-bound for months.

Sector Performance

% Change

S&P 500 Index

-0.90%

 

Consumer Discretionary (XLY)

-0.64%

 

Consumer Staples (XLP)

-0.13%

 

Energy (XLE)

 

+0.25%

Financials (XLF)

-1.98%

 

Health Care (XLV)

-0.59%

 

Industrials (XLI)

-0.92%

 

Materials (XLB)

-0.72%

 

Real Estate (XLRE)

-0.39%

 

Technology (XLK)

-1.17%

 

Utilities (XLU)

 

+0.16%

 

Board Market

All the major equity indices are holding above their 200-day moving average, but it's clear there will be no savior today, and more than likely, selling only stops when the closing bell rings. 

Once again, this isn’t panic selling, but it’s a statement to powers that be to get their collective act together.  So, we sit and wait to see what a mad man does in North Korea and what feckless men do in Washington, D.C.

 


Comments
I loved your last comment. It simply says it all. I cannot call the people in Congress leaders, or effective elected officials, or perceptive movers or shakers, or even good managers. I just call them people or elected officials who pass laws that don't pertain to themselves. i.e. feckless...perfect!

Gary Dayon on 9/5/2017 8:44:48 PM
 

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