Economic Fallout
6/27/2016
Last Friday was a tough session, but the U.S. market was still one of the best performing in the world. The Dow was the best performing large indices as money flowed into quality names. In fact, the NYSE sported 138 new highs and only 48 new lows. Key equity indices closed right at important support points and must make a stand today. Perhaps, there weren’t enough people panicking over the weekend, but that will change without a stance today. Global concerns sent the U.S. dollar soaring, which killed multinational stocks and pressured commodities. In the longer-term, the dollar is still in a down-channel, but it’s at the top of the channel. Of course, the U.S. dollar trades against other currencies, including the UK Pound, which may not be able to pull out its nosedive anytime soon. In fact, the currency has been in a nosedive for decades with periodic rallies during moments of crises. On that note, investors have to consider owning American-Centric names, including the following names:
Moreover, keep in mind that because so many stocks are oversold, there are several ways to go in this market.
Charles Payne
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