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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  

https://www.tradingview.com/x/M2AFjWfc/

S&P 500 Index

+0.37%

Communication Services (XLC)

+0.15%

Consumer Discretionary (XLY)

+0.51%

Consumer Staples (XLP)

+0.15%

Energy (XLE)

+1.51%

Financials (XLF)

+0.08%

Health Care (XLV)

+0.82%

Industrials (XLI)

+0.30%

Materials (XLB)

+0.12%

Real Estate (XLRE)

+0.33%

Technology (XLK)

+0.38%

Utilities (XLU)

+0.03%

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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