Stocks closed slightly higher on Tuesday, with the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) eking out new record closes. One of the drags on the market was a disappointing consumer confidence print.

Pence Capital Management CIO Dryden Pence described the consumer confidence weakness as being in the "softest part of the soft landing" which he describes as those making under $50,000. He points to the difference between the "emotional reality" and the economic reality, describing it as "the economy has been moving at 90 miles an hour. We're slowing down to 50. It feels like your standing still, but you are really moving five times faster than you can normally walk."

When it comes to views on the job market, Pence argues the job market is starting to balance or normalize. He also points to that balance as being a reason the Federal Reserve is cutting rates.

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This post was written by Stephanie Mikulich.