Wall Street Strategies
Hello! Sign in or Register


Afternoon Note

Riding the Wave

By Charles Payne, CEO & Principal Analyst
4/2/2019 1:16 PM
Take a Free Trial
Try Charles' premium stock selection services free for 7 days. Check it out in real time! You will get actionable advice, trading ideas and email alerts.

The market has been under pressure all session, but there is no sense of panic. In fact, when the bottom was beginning to fall out of the Dow Jones Industrial Average (26,122), buyers stepped up to the plate.   The session is still young, and investors are beginning to shift their attention to the end of the week and that all-important jobs report.

As for the remainder of this session, market breadth is worse than you would think looking at major indices, including the NASDAQ, which has been higher for most of the day, but there is more conviction in the winners.

NASDAQ Breadth

The big losing sectors are Consumer Staples weighed down by Walgreens (WBA), which posted disappointing financial results and weak guidance.   Kroger (KR) is also lower on news of major price cuts at Wholefoods (AMZN).

Energy is lower, although crude oil is higher.

The Communication Services sector is edging higher on a big upgrade of Facebook (FB) and a share price target $200.00.

S&P 500 Index

 

-0.15%

Communication Services (XLC)

+0.19%

 

Consumer Discretionary (XLY)

 

-0.19%

Consumer Staples (XLP)

 

-0.70%

Energy (XLE)

 

-0.64%

Financials (XLF)

 

-0.19%

Health Care (XLV)

 

-0.05%

Industrials (XLI)

 

-0.14%

Materials (XLB)

+0.07%

 

Real Estate (XLRE)

0.00%

 

Technology (XLK)

+0.01%

 

Utilities (XLU)

 

-0.09%

 

The market has had a remarkable start to the year, and these are the sessions that test investors’ appetite to take profits.  Right now, most are saying they want to ride this wave longer, which makes the likelihood of the wave lasting even greater.


Comments
WFM will still have a lot of tasteless overpriced food!

garro on 4/2/2019 4:22:00 PM
 

Add Your Comment


Submitted comments are subject to moderation before posting.


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.