Payne's Perspective:February 10, 2020: Feeling Good, Louis!
It was a remarkable week for the stock market with each session presenting a different narrative.
Early in the week, it was all about those momentum names in Technology and Communication Services, although disappointment over Alphabet’s (GOOGL) earnings slowed the latter.
Midweek investors began searching for value, hence the great week for Materials and Health Care.
On Friday, only the haven of Real Estate and Consumer Staples were higher. When investors start buying up shares of Kraft Heinz (KHC) and Campbell Soup (CPB), you know there’s a growing anxiety.
When the week was over, the market was off less than 1% from all-time highs. It’s just simply remarkable, as there were a ton of excuses to take profits. When the folks that are smart enough to buy those dips ignore the noise, and they have cover to hit the exits, but they hold off, it’s a bullish signal.
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