- 2022-08-29
- Posted by: kimsite
- Categories: Commentary, News, Video/Media
Program: Making Money with Charles Payne
Date: 8/26/2022
Station: Fox Business News
Time: 2:00PM
CHARLES PAYNE: All right, folks, I want to bring in now King’s View Wealth Management CEO Scott Martin and Scott. You know, what struck me is when this I was filling in for Neil, so I was doing the 4:00 show on the news channel and, you know, it was big, huge breaking news know, big audience replies. But the market was rocking. You know, does the stock market not think this? Does the stock market think this is a nothing burger?
SCOTT MARTIN: It does. Nothing burger, nothing hot dog and nothing meal. Now, that doesn’t mean it isn’t nothing. I mean, because as you talked about with Tom there, this is pretty gigantic because of the fact that they went in and got some personal stuff of Trump’s. Obviously, the personal records, as you guys showed or talked about and discussed. But it’s also like as we’ve been shown over the years, gee, the Hunter Biden laptop, Hillary’s emails and all the things that were going on with the Fusion IQ documents and things like that and the Russia collaboration stuff that she conjured up. I mean, my goodness, man, if this isn’t picking favorites and choosing roads to go down on, if you’re the FBI and the Justice Department just to persecute individual people, I don’t know what is. So as a market situation, probably not that big of a deal, but a big deal we should be taking under consideration for our country as a whole.
PAYNE: Speaking of going down roads, Jay Powell has he woke up this morning and he chose violence. Right. I mean, and you know, listen, I know he’s he must be frustrated because the market keeps saying, we don’t believe you. Some of it is fault, mis messaging, mismanaging his message. But this is what we’re seeing today. Do you think this is an initial knee jerk reaction? What else might have to happen before the Street takes Powell seriously?
MARTIN: Drove down the road today, Charles, and actually drove in reverse, you know, because, like, we had this thing, I think, all set up in a nice package, a nice box. And incidentally, when he started speaking today, Charles, the market rallied. I mean, we picked up about 20 points on the S&P like that and lost about 130 minutes later. So I agree with you. I think this is a knee jerk reaction. There’s tons of stuff that is getting blasted today. I mean, absolutely crushed. So we have started to pick up some of those names, especially in tech, especially in consumer discretionary, because, dude, I’m telling you, the market realizes that I think the Fed is closer to done than they’re maybe, maybe leading on. And if they’re not closer to done, then there may be leading on, as Powell maybe said today, the guess what the data in the next couple of months is going to tell them to slow down the roll on the rate hikes and we’re going to be cutting rates next year. Man, I’m telling you, cutting rates next year because there’s going to be disinflation and maybe deflation.
PAYNE: I’m glad you put it out there. A lot of folks on the street playing their cards close to the vest. Equivocating. You don’t do that. Hey, real quick, are you buying? In part because we’re through earnings season and you’ve seen names already that have already done extraordinarily well. And, you know, they’re going to do well no matter what happens over the next year.
MARTIN: Yeah, great call. I’m talking about earnings season, man. I mean, we said this before and people liked it. They threw out the baby, the bathtub and the bathwater and also burn the house down on a lot of these earnings reports. Some were better than others, but man, all the bad data, at least everything we know now that’s within reason to consider is out there. So tell me, what could get worse besides maybe no Halloween candy this year? And I’d buy these stocks right here, which is a terrible situation. I don’t want to scare the kids.
PAYNE: No, you won’t. Folks, we’ll be right back.
