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Afternoon Note

Fishing Around

By Charles Payne, CEO & Principal Analyst
5/20/2019 1:49 PM
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The Huawei news has set the tone for the session, but the broad market is off its lows from the start of the session.  Technology has been taking the brunt of selling today, although buyers are finding ideas beyond chips and hardware.

The biggest losers are Communication REITs, which are poised for explosive growth as 5G is implemented in the United States.  Selling in SBA Communication (SBA), Crown Castle (CCI) and American Tower (AMT) is making Real Estate the worst performer of the session.

S&P 500 Index

 

-0.28%

Communication Services (XLC)

 

-1.08%

Consumer Discretionary (XLY)

 

-0.41%

Consumer Staples (XLP)

+0.16%

 

Energy (XLE)

+0.22%

 

Financials (XLF)

+0.41%

 

Health Care (XLV)

+0.25%

 

Industrials (XLI)

 

-0.02%

Materials (XLB)

 

-0.62%

Real Estate (XLRE)

 

-1.20%

Technology (XLK)

 

-1.00%

Utilities (XLU)

+0.37%

 

Bargain hunters have been fishing around in Healthcare with hospital health insurance names leading the way.  Although the trend has been selling into the close, this has been an impressive session, even if we finish lower.

Key Technical Support Numbers For the Week

This week, investors need to focus on the downside and potent tests of support points established last Monday.


 

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