Kingsview CIO Scott Martin on Fox Business Making Money with Charles Payne 4.6.23
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Program: Making Money with Charles Payne
Station: Fox Business News
CHARLES PAYNE: So in addition to the avalanche of red flags from economic data this week, we’ve seen major companies I’m talking companies with armies on the ground. Right. And they’re painting a very alarming picture of this economy. Yesterday, it was Wal-Mart. And then last night, this morning, Costco weighing in with the comp store sales. Now, if you take out gasoline down in both the United States and Canada and I’m shocked online is getting walloped. I want to bring in now Kingsview wealth Management, the CIO there, Scott Martin and Scott. So, I mean, let me put it to you this way. Are we already in recession or are we barreling toward recession? Can we sidestep recession?
SCOTT MARTIN: Wow. All three of those things, possibly, Charles. But I’m going to tell you what, man, I don’t think we’re going to have a recession. How about that for choice D Because we already had one man. That was last year. That was so 2022. Now we are getting some scary data. Like you mentioned, Wal Mart, Costco, some of the other grocery stores, some other retailers. But man, you know, if you look back at data on the last year or so and you look at some of these companies and parse them out vis a vis who did well during the pandemic, who benefited from the pandemic, Costco is one of them. Some of these companies kind of like back and Lindsay Lohan’s former days have one good one and one bad month, one good month, one bad month. So there’s going to be this lumpiness in the consumer side. But I think Costco, man, is one you got to stick with here. And one that we’ve added to this morning is fact in our portfolio.
PAYNE: I love your cultural references. Sometimes I feel like you might be the last person with a subscription to Maxim magazine or something like that. Oh, hold on one second.
MARTIN: I still read it every day, man.
PAYNE: Hold on. Wait. Oh, What? Oh, hey, Scott. Tiger said he’s missing a jacket. Tiger Woods.
MARTIN: Hey, man, I thought he had, like, 2 or 3 of these so Tiger can tell you, man. The thing is, this thing’s a little small on me, so Tiger is going to start working out a little bit more.
PAYNE: You’ll get it back. We’ll get it to you after the show. All right. I’m sorry about that. Anyway, let’s talk about the banks. You were on them at the lows the last couple of weeks. A lot of people starting to jump on the bandwagon here. Again, I saw a list of the ones that are most heavily shorted, Bank of America, Citi. You know, if you think a stock is oversold and it’s heavily shorted, it can be enticing. Are you looking for any major short squeezes?
MARTIN: Love it, dude. And they’re watching the show, obviously, because we talking about banks and we had since we had the crisis just about a month ago. Yeah. I mean, those are the ones that I definitely would not short because if you look at Citi, the Bank of America, Jp morgan has got some shorts in there, man. Those are the ones that are going to survive. You know, they’re the strongest ones at the beach, if you will. But I still like Charles, those mid market banks. I still like Comerica. It’s up pretty nice today. Fifth third got a downgrade. Still doing fine. A lot of those are responding well to these downgrades. I think you can still find a ton of value in these banks. But remember, this isn’t like my typical kind of pick scenario. I’d ride these babies out for 15 to 20% and then kick them to the curb.
PAYNE: Before I let you go, broad market markets closed tomorrow. Jobs report. Should people be getting in the market right now for a potential big move on Monday?
MARTIN: Maybe not Monday, but I think we’re going to have some good follow through in the earnings. Charles, There’s going to be some hope, some anticipation. I’m still working tomorrow, by the way, so you can call me five, five, five, whatever the other number is. And also remember, though, when people are looking at going into these earnings reports, when when there’s already expectations lowering, as we’ve started to see come in, that’s when the earnings surprises come in. That’s when your short squeezes happen, my man.
PAYNE: All right. Love it, Scott, Good luck this weekend on the links. We’ll talk to you soon.
MARTIN: All right. Coming up there, buddy. I’m shooting 100. See you.