The catalyst for the upside is that these companies really need to start beating earnings estimates. Cash is king, and I think patience is important now.
More Quotes from Charles Payne:
After this week, this is to be expected, especially on a Friday a lot of people want to book profits ahead of the weekend.Charles Payne
I would be surprised if some smart managers don't go near some of the exiting stocks, particularly on weakness in stocks like Unilever -- well-run and has been able to grow through acquisitions. But I don't think anyone can construe this as a no-confidence vote on these stocks that are cut, but just as a different route by the SP committee,
Charles Payne
Because it wasn't a major news day, per se, it was also smart to open as quickly as possible.
Charles Payne
Visibility is important, even if the visibility is poor, because it shows you have a handle on the business. The ability to give guidance is certainly something of a comfort.
Charles Payne
There is concern that the economy is not where it has to be to facilitate a rebound in corporate earnings. Yesterday (Tuesday), we had surprisingly weak data on manufacturing activity,
Charles Payne
However, there's some concern as to what 25 basis points will really do, ... The time to look at the Fed's impact on stocks may not really be tomorrow, but rather Thursday. If we only get 25 points and then weekly jobless claims are really poor, you could see some selling.
Charles Payne
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