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Afternoon Note

The Tale Of Two Markets

By Charles Payne, CEO & Principal Analyst
4/4/2019 2:09 PM

It’s the tale of two markets, but certain trends remain in place.

There are tons of profit-taking in technology after a downgrade of Micron (MU), as always after a downgrade of Micron, making it the worst performing sector and pressuring the NASDAQ Composite.

Conversely, buyers find value in and opportunities in financials, materials and industrials.  It will be tough for the S&P 500 to finish higher with the two sectors with the most influence getting hit, but investors reluctant to move into cash.

S&P 500 Index

 

-0.12%

Communication Services (XLC)

+0.19%

 

Consumer Discretionary (XLY)

+0.30%

 

Consumer Staples (XLP)

+0.33%

 

Energy (XLE)

+0.41%

 

Financials (XLF)

+0.57%

 

Health Care (XLV)

 

-0.68%

Industrials (XLI)

+0.52%

 

Materials (XLB)

+0.24%

 

Real Estate (XLRE)

 

-0.60%

Technology (XLK)

 

-0.84%

Utilities (XLU)

 

-0.28%

All-Time High Watch

The Dow Jones Industrial Average and S&P 500 are just 2.3% below their respective all-time highs, and the NASDAQ is less than four percent below its high.

I suspect the market meanders and maybe drifts lower ahead of the jobs report. If it gets too low, smart buyers will step up in the last half hour of trading. 


 

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