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Afternoon Note

Whack-A-Mole

By Charles Payne, CEO & Principal Analyst
6/12/2019 1:33 PM

It’s been an interesting session, sort of like whack-a-mole where every time the market creeps into positive territory, sellers emerge whacking the major indices lower. On the flip side, just when the market looks vulnerable to the downside, buyers emerge.  Overall, sellers are more motivated than sellers, but it feels like most market participants are waiting for signs.

There are lots of intriguing individual stories.

More broadly, buyers have flocked to equity safe havens, including Consumer Staples (no matter what we have to eat).  Look at these gains for the year – nobody would believe:

S&P 500 Index

 

-0.24%

Communication Services (XLC)

 

-0.52%

Consumer Discretionary (XLY)

 

-0.07%

Consumer Staples (XLP)

+0.22%

 

Energy (XLE)

 

-1.20%

Financials (XLF)

 

-0.99%

Health Care (XLV)

+0.23%

 

Industrials (XLI)

 

-0.03%

Materials (XLB)

+0.16%

 

Real Estate (XLRE)

+0.33%

 

Technology (XLK)

 

-0.57%

Utilities (XLU)

+1.35%

 

This is one of those sessions where I encourage investors to go outside and enjoy the great weather – after watching Making Money with Charles Payne on Fox Business Network.  

 


 

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