I'm worried about this market. We are at the point where it's not about fundamentals per se but about perception and about confidence or lack thereof. But there is a legitimate concern about the macro condition of the domestic economy and the global economy. There is a legitimate concern about political and economic turmoil in Europe. There is legitimate concern about our elections this fall and whether Americans ditch their (previously) cherished notion of self-made success and determination or decide achievement only happens via a collective and somehow we must pay homage to sidewalks.
You know I can understand why primitive societies once worshiped and feared active volcanoes, but we are being told to pay for sidewalks over and over again and to sacrifice our paychecks in the future as tribute.
Legitimate red flags from the market yesterday came from all angles.
Transportation stocks got crushed with names like Kansas City Southern (KSU) and Union Pacific (UNP) down big with tons of volume. The Dow Jones Transportation Average really took it on the chin, off 3.18% for the session. The index is nearing a very pivotal support point.
Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks.
He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI)
, founded in 1991 which provides subscription analytical services to both individual and institutional investors.