10/2/2023
By Charles Payne CEO & Principal Analyst

It was another tough week for the market, but there still isn’t the kind of panic that could be contagious. With that in mind, new lows create new lows, which (at some point) ratchets up a foreboding aura that can serve as panic-kindling.

Ironically, some bulls want to see a wave of panic to clear things up. I understand that line of thinking, but it’s like creating a contained fire in the forest, hoping to stave off future catastrophes. It’s a dangerous maneuver that could turn deadly with one false move or a shift in the wind direction.

I think the market has come in enough to be considered cathartic, but what must change is to turn the overall bias to the opposite of the current downward pull.

Perhaps all it might take is a turn in the calendar. I know that sounds simplistic, but it’s been happening.

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Charles Payne
Wall Street Strategies

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