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Afternoon Note

More Signs of Stronger Foundation

By Charles Payne, CEO & Principal Analyst
10/17/2017 1:06 PM
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The National Association of Homebuilders Sentiment reading for October came in stronger than expected as enthusiasm continues to hold even pick up after dipping in September.

Markets at Midday

The major indices are mixed and directionless at midday with the NASDAQ slightly in the red. The Dow pushed over 23,000 this morning for the first time ever and has now pulled back. Healthcare is the leading sector due to strong earnings report from UnitedHealth (UNH), which is up over 5% today and fueling that Dow number. Energy lags as fighting in the Middle East weigh on oil.

Market breadth is negative which adds a cautious note to today’s action. The advance/decline ratio is nearly even but the declining volume is strong. NYSE advancers 1258 vs decliners 1502 while the NASDAQ advancers are 1215 vs 1588 on the downside.

Not forcing the issue this afternoon.


 

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