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Afternoon Note

Buyers Lurking

By Charles Payne, CEO & Principal Analyst
1/2/2019 1:58 PM
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It’s been another impressive session for the market considering the pre-open trading saw the Dow off as much as 500 points, and during the session, the index tumbled quickly -399 points.  The rally came much sooner in the session than I thought, it underscores once again, there are buyers lurking and ready to make their moves on dips.

What hasn’t happened yet is for the majority of fence sitters getting seduced off the sidelines.  The more the market makes these intra-day reversals, the more likely buyers will emerge.

There is no doubt stocks look attractive, and without all the headlines and unanswered situations, I think we’d see more bottom fishing.  Of course, central to this entire shakeout process has been removing confidence, and its unlikely recent sellers will become brave enough to buy overnight.

Macro observations on today’s session:

S&P 500 Index


Communication Services (XLC)


Consumer Discretionary (XLY)


Consumer Staples (XLP)


Energy (XLE)


Financials (XLF)


Health Care (XLV)


Industrials (XLI)


Materials (XLB)


Real Estate (XLRE)


Technology (XLK)


Utilities (XLU)


Micro observations on today’s session:

Moments ago, President Trump said the market swoon is temporary and would turn around once trade deals were done.  There is more to the selling than the trade deals, but a deal would crush the negative narrative and tone of financial media that has been determined to derail the president even if means derailing the market and even the economy.

everybody is born a" babe in the woods" the only (diff) ------ some are( taught WHAT TO think ) ---some are (taught HOW TO think)---------HOW TO---- wins every time over----WHAT TO. Thanks Charles

John Cowger on 1/2/2019 6:14:20 PM

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