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Afternoon Note

Continuing to Chase Technology

By Charles Payne, CEO & Principal Analyst
7/11/2019 1:31 PM

This morning, I thought Healthcare would be the big winner, but the sector is lower (big pharma is lower and offsetting health insurers) along with Materials, Real Estate and Utilities.  It stands to reason, as some money is coming out of safe-haven sectors and investors continue to chase technology.

S&P 500 Index

+0.23%

  

Communication Services (XLC)

+0.18%

  

Consumer Discretionary (XLY)

+0.49%

  

Consumer Staples (XLP)

0.00%

  

Energy (XLE)

+0.05%

  

Financials (XLF)

+0.39%

  

Health Care (XLV)

  

-0.24%

Industrials (XLI)

+0.60%

  

Materials (XLB)

  

-0.16%

Real Estate (XLRE)

  

-1.20%

Technology (XLK)

+0.61%

  

Utilities (XLU)

  

-0.20%
 

The big winner are transportation stocks with the Dow Transportation Index up 1.6%.  Of course, this area has been a major loser, but earnings from Delta (DAL) and a bounce in railroad names is attracting bargain hunters. 

DJT

https://www.tradingview.com/x/qetmC0cl/

Still Cautionary Tone

The market is still a long ways from euphoric and earnings expectations are as dire as I’ve seen in a long time.  Moreover, I still think many investors are underestimating this new Fed and the driving motivation for policy. In addition, observers of the rally continue to underplay its potential.  I love that, but I am sorry that such non-stop chatter has kept so many people out of the market. 
 

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PREVIOUS COMMENTARY

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7/17/2019 9:52 AMVEGAN OPTIONS FOR EVERYTHING
7/16/2019 12:57 PMTransportation Turnaround
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7/12/2019 9:50 AMNOW IT’S ABOUT EARNINGS  
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