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Payne's Perspective: June 1, 2020: Rally Broadens

By Charles Payne CEO & Principal Analyst

The week began with a sharp reversal in fortunes, as growth stocks - particularly Technology (XLK) stocks - plunged at the start of trading on Tuesday, while value sectors and stocks took off. It looked as if the long-anticipated rotation was finally happening. For me, the big question was how hard this would hit broad market indices, which are heavily influenced by big tech and Communication Services (XLC) names.

Technology came back in that session but stumbled out of the gate again on Wednesday. But on

ce again, these names found eager buyers and came off the lows quickly.

Perhaps it was appropriate that the Great Rotation lasted just a little longer than the 24-hour lifespan of the Mayfly. In fact, adulthood lasts only a few minutes in mayflies. However, their species still live on. By the end of the week, the tech rally was back with a bang, led by a new niche: cloud security (more on this in the report). I hope you did not sell in May and go away. There were a lot of opportunities to make big money.


Market Performance




S&P 500




Dow Jones Industrials




NASDAQ Composite





To read the full Payne's Perspective, contact your account representative or email us research@wstreet.com. 

Charles Payne
Wall Street Strategies


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