Afternoon Note
The market reversal, for the moment, looks like typical profit-taking. Names that have been on blistering rallies are among the biggest losers today. I’m not just talking Beyond Meat (BYND), but also names like AutoZone (AZO), which rode strong earnings for the past couple of weeks.
Communication Services continue to attract bargain hunters, even as other High Beta names across other sectors give up big chunks in today’s trading. I thought this was going to happen yesterday.
The biggest red flag is in Industrials, particularly names associated with building. Keep in mind, the biggest anchors in the sector have been monster winners since Christmas Eve:
As most of you know by now, I love when stocks come down on news not associated with underlying fundamentals. But there are several names which have come very far in a short period of time, and there is no need to panic on their pullbacks or assume the worst. It’s just called profit-taking. It can cascade, however.
S&P 500 Index |
-0.12% |
|
Communication Services (XLC) |
+0.50% |
|
Consumer Discretionary (XLY) |
+0.06% |
|
Consumer Staples (XLP) |
+0.34% |
|
Energy (XLE) |
+0.57% |
|
Financials (XLF) |
+0.02% |
|
Health Care (XLV) |
-0.20% |
|
Industrials (XLI) |
-1.04% |
|
Materials (XLB) |
-0.13% |
|
Real Estate (XLRE) |
-0.32% |
|
Technology (XLK) |
-0.36% |
|
Utilities (XLU) |
-0.49% |
Tweet |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
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