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Afternoon Note

Market Rocking

By Charles Payne, CEO & Principal Analyst
11/7/2018 1:13 PM
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This is a great session with all eleven S&P sectors higher, perhaps the most intriguing being healthcare, which was universally acknowledged to be the number one issue in the midterm election.

Political pundits universally say there is a great chance the Trump administration and Democrats will work on ways to reel in the rate of drug price hikes.  But, the XLV (Healthcare) is up 2.54% led by:

The market also continues to seek value, as several names seem intriguing here, including IBM, AMD and GM.   Of course, the urge to want to make a lot of money fast and to get back some of those October losses is helping to fuel buying in the same names that led the nose-dive.

Symbol

Sector Performance

Last

% Change

XLC

Communication Services

46.57

+1.42

XLY

Consumer Discretionary

110.19

+1.46

XLP

Consumer Staples

56.28

+0.25

XLE

Energy

69.40

+0.57

XLF

Financials

26.93

-0.04

XLV

Health Care

92.81

+2.54

XLI

Industrials

72.47

+0.50

XLB

Materials

55.36

+0.64

XLRE

Real Estate

32.96

+0.95

XLK

Technology

70.65

+2.24

XLU

Utilities

54.78

+0.96

President Trump is holding another epic press conference, saying nice things about Nancy Pelosi, and the possibility of working together has added an extra leg to the rally.  If any of the major four equity indices closes higher by 1.25% or better, today will be considered as a follow-through day.

Breadth: Bullish

 


Comments
Not really surprising that Healthcare is up. Healthcare profits have been rocking ever sense ObamaDontCare was pushed through by DNC mandate without any review or valid debate. There have been countless debates on whether and how much it made medical care more expensive and insurance less accessible, but there is no doubt that it made medical care more profitable. Now that the House has flipped and we are likely to again be plagued by the worst Speaker in history, the sector is expecting more golden nuggets pushed through by the DNC.

Bob G on 11/7/2018 6:16:47 PM
Hoping Dems do not use 2 years to obstruct. Hope they actually negotiate. Healthcare..immigration reform...etc.

VanessaK on 11/8/2018 6:42:04 AM
No chance the top DEMOS don't care about the country or how many people they hurt, they just want to try to destroy Trump.


Lloyd Keahey on 11/8/2018 6:34:35 PM
 

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