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The Day After - By Charles Payne

That was fast. I've always said, it's how the market acts the day after the FOMC gathering that matters more than the emotion-fueled day of the announcement. On that note, equities are giving back a large chunk of yesterday's gains (all post announcement) in an orderly fashion that speaks to confusion more than fear.

For the Dow Jones Industrial Index, this has been a wild week of higher highs and lows which makes 17,522 a critical support point. Below there and the index might have to make a stand at 17,000. There isn't panic but frustration leaves the market vulnerable, too.

Difference Between Bagel and Zero

The tail wagging the dog once again as crude oil has resumed its downward march back under $35.00 reflects weak demand, Saudi shenanigans and strong dollar. This would be less of a story if there was a true catalyst with broad economic implications. Right now there's chatter about switching from FANG to BAGEL.

  • BABA
  • AMZN
  • GOOG
  • EXPE
  • LNKD

Neither acronym are great proxies for the overall market or economy, but I guess it keeps hot money on the game instead of on the side lines. But for most portfolios, a bagel is a great breakfast food (stop whining about the carbs), but there has to be broader leadership based on fundamentals and value.

Scoreboard

S&P 500 Index

-1.19%

 

Consumer Discretionary (NYSEARCA:XLY)

-1.30%

 

Consumer Staples (NYSEARCA:XLP)

-1.09%

 

Energy (NYSEARCA:XLE)

-1.92%

 

Financial Services (NYSEARCA:XLFS)

-0.80%

 

Financials (NYSEARCA:XLF)

-1.23%

 

Health Care (NYSEARCA:XLV)

-0.84%

 

Industrials (NYSEARCA:XLI)

-1.10%

 

Materials (NYSEARCA:XLB)

-1.48%

 

Real Estate (NYSEARCA:XLRE)

 

+0.10%

Technology (NYSEARCA:XLK)

-1.22%

 

Utilities (NYSEARCA:XLU)

-0.48%

 

I like the idea of being cautious and I also want to make sure everyone has a fair amount of cash, too.