Afternoon Note
It’s a solid session that is fending off the urge to sell the news; however, each tranche of selling is finding buyers that are probably money managers who have been sitting on a pile of cash.
The only losing sectors are the so-called safe havens: consumer staples, real estate and utilities.
The winners include financials led by AIG and big money center banks such as GS, MS and JPM.
Industrials continue their remarkable 2019 rally led by GE, which is up more than 8% on news it’s selling its Life Science division to Danaher for $21 billion in cash.
Technology looks strong as well, led by WDC and a lot of other names that slumped in 2018.
+0.59% |
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---|---|
+0.42% |
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+0.30% |
|
-0.15% |
|
+0.14% |
|
+1.36% |
|
+0.59% |
|
+0.93% |
|
+0.75% |
|
-0.71% |
|
+0.95% |
|
-0.65% |
The key intraday number for the market is Dow 26,191 which is the last technical hurdle ahead of the index rallying back to re-test its all-time high.
There is a serious urge to take profits even on our part but for now we are holding.
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