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Afternoon Note

Fresh Highs

By Charles Payne, CEO & Principal Analyst
7/26/2019 1:57 PM

The major indices are all higher. The S&P500 is currently up over 1.6% on the week, and is at an all-time high, along with the Nasdaq.   Most of the FAANG stocks are up on the day with the exception of Amazon (AMZN) and Facebook (FB).  Alphabet/Google (GOOG) is leading the way higher, up over 10% on its latest earnings release.   

Investor optimism remains elevated as can be seen with the decline in the VIX, commonly referred to as the fear index, which is near its low of the year, down 5.1% today to $12.09.  There doesn’t appear to be much hedging or put buying.

Consumer Staples is among the best performing sector today, with Cocoa-Cola (KO), Pepsi (PEP) and Procter &Gamble (PG) helping to power it higher. 

S&P 500 Index

+0.66%

Communication Services (XLC)

+2.86%

Consumer Discretionary (XLY)

+0.28%

Consumer Staples (XLP)

+1.03%

Energy (XLE)

-0.57%

Financials (XLF)

+0.92%

Health Care (XLV)

+0.16%

Industrials (XLI)

-1.19%

Materials (XLB)

-0.02%

Real Estate (XLRE)

+0.01%

Technology (XLK)

+0.16%

Utilities (XLU)

+0.42%

The dollar remains strong, up 0.2%, while treasuries are flat. The benchmark 10-year is 2.07%.  Gold is up on the day trading at $1418.69 an ounce, and WTI is down slightly to $55.83 a barrel. 

Have a great weekend.


 

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