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Afternoon Note

Tick Tock

By Charles Payne, CEO & Principal Analyst
6/19/2019 1:48 PM

The markets are buying time ahead of the Fed decision on rates that will be released at 2 pm ET. The major indices have been trading in a narrow range, but have turned negative, but not by much.  While the markets are not anticipating a rate cut, language will be key.  Investors want to see the Fed remove the word “patient” from their comments.

The housing market didn’t get much help today as the weekly MBA Mortgage Applications Index declined 3.4% on the back of a huge spike of 26.8% last week. 

Financials, Healthcare and Utilities lead today, while Consumer Staples and Materials lag.

S&P 500 Index

-1.37%

Communication Services (XLC)

-0.43%

Consumer Discretionary (XLY)

-0.45%

Consumer Staples (XLP)

-0.35%

Energy (XLE)

-0.22%

Financials (XLF)

+0.41%

Health Care (XLV)

+0.36%

Industrials (XLI)

-0.29%

Materials (XLB)

-0.91%

Real Estate (XLRE)

-0.32%

Technology (XLK)

-0.20%

Utilities (XLU)

+0.09%

 
WTI is trading higher, around $55.35 per barrel after the EIA weekly storage data showed a draw of 3.1 million barrels from the prior week’s build of 2.2 million.  Gasoline inventories saw a draw of 1.7 million barrels from last week’s build of 0.8 million barrels.  Distillate’s had a 0.6 million barrel draw after a 1 million barrel draw in the prior week.

 

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