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Market Commentary

Safe Haven Materials

By Charles Payne, CEO & Principal Analyst
1/9/2017 12:55 PM
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The market trying to find its footing with even more pressure on consumer names and financials meandering.   It looks like material stocks have become de facto safe haven. The sector is the best performer today lead by DuPont (DD).  After a fair amount of year-end profit-taking, the sector looks like a lock to retest the high of 51.50.

XLB

http://markets.money.cnn.com/cgi-bin/upload.dll/file.png?z6c8f7c0az89bbc444435440069f20ada5260d001b

 

Technology continues to edge higher with the (current) Four Horsemen leading the way and Western Digital breaking out. 

I love the names going through the lobby of Trump Tower today and think it ultimately means more for the economy than the Goldman downgrades that have cast a shadow on early trading today.   I’m not sure the market can rally today beyond tech names.

Not going to force anything but feeling great.

 


 

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