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Afternoon Note

Bottom Fishing

By Charles Payne, CEO & Principal Analyst
6/10/2019 1:41 PM
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The market continues with last week’s rally with leadership spread across several sectors, reflecting bottom fishing.  All the big winners are names that heretofore were under pressure and off all-time highs. 

Technology

Consumer Discretionary

Financials

Industrials

Communication Services

S&P 500 Index

+0.95%

 

Communication Services (XLC)

+0.78%

 

Consumer Discretionary (XLY)

+1.60%

 

Consumer Staples (XLP)

 

-0.05%

Energy (XLE)

+0.77%

 

Financials (XLF)

+1.49%

 

Health Care (XLV)

+0.08%

 

Industrials (XLI)

+1.04%

 

Materials (XLB)

+0.38%

 

Real Estate (XLRE)

 

-0.61%

Technology (XLK)

+1.80%

 

Utilities (XLU)

 

-0.38%

The rally is giving up some gains on headlines that House Judiciary Chairman, Jerry Nadler, announced a deal with the Justice Department to receive some documents from the Mueller Report related to obstruction of justice.

I don’t think we are at a Constitutional crisis, but this kind of news has led to wild speculation in the past. It keeps alive a topic most Americans and Wall Street believe has been adjudicated.  For now, the bias is to the upside, and the pressure is on money manager and fence-sitters to make moves.

The big theme of the session is caution via stock selection – value before momentum.


Comments
Hopefully the voting majority will realize the Dems have no plan for governing or advancing this incredible economy, only to be obstructionists. Any common sense individual would abandon this relentless pursuit of unwarranted charges against our President, but then again, common sense has never been their forte.

Philip Morris on 6/10/2019 2:15:57 PM
there are certainly Democrats that would intentionally damage the economy going into 2020

they will not succeed otherwise

it's the unintentional damage they do everyday that bothers me....

gw on 6/10/2019 3:49:44 PM
The longer they Keep this up the better and easier it will be to win!

Paul on 6/11/2019 6:52:20 AM
The longer they continue to attack this way the easier it will be to win!

Paul on 6/11/2019 6:58:19 AM
 

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