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Afternoon Note

Due for A Breather

By Charles Payne, CEO & Principal Analyst
4/5/2019 1:48 PM

The market is reacting to the jobs report with a measured rally that sees every single S&P sector higher.  Energy is the biggest winner by far, led by Anadarko Petroleum (APC), which is bouncing off a perfect double bottom.  West Texas Intermediate is breaking out through a significant pivot point that has the potential to be monumental, as there could be clear sailing to $75.00 a barrel.

West Texas Intermediate  


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)


My favorite part of the jobs report today is nonsupervisory works saw wages gains faster than overall wages, climbing more than 3.0% for the eighth consecutive month. Overall, wages have grown 3.0% year over year for six straight months.

Despite the great news, the market is stretched, which shouldn’t be confused with overbought, but it’s due for a breather. 


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