Wall Street Strategies
Hello! Sign in or Register


Afternoon Note

Loving the Action

By Charles Payne, CEO & Principal Analyst
8/8/2019 1:27 PM

What a difference a day makes.  Of course, this day actually began yesterday around 9:45 when stocks gapped down and sold off in a blink.  That flash crash was a culmination of a ton of uncertainty and lots of negative media chatter right before the open.  Be careful folks.  Lots of people in the financial media have so much disdain for the administration and its policies, they are always going to see a worst-case scenario, not caring what happens to your portfolio.

This isn’t to say there aren’t concerns, but so many people that have been wrong about so many things speak with such confidence about the doom around the corner.   The good news for them is that occasionally, they will be right. The good news for investors is 90% of the time they are wrong, and mostly because they are saying what they hope happens, even when evidence suggest otherwise.

I’m loving this action, but the market is range bound.  The big upside test comes at Dow 26,500.  I’m loving the action in Materials and Industrials, even after a big call from Goldman to close Caterpillar (CAT).  I think the call is very late, and would hold, and be ready to add soon.

S&P 500 Index

+1.56%

Communication Services (XLC)

+1.59%

Consumer Discretionary (XLY)

+1.71%

Consumer Staples (XLP)

+0.78%

Energy (XLE)

+1.81%

Financials (XLF)

+1.78%

Health Care (XLV)

+1.01%

Industrials (XLI)

+1.56%

Materials (XLB)

+1.79%

Real Estate (XLRE)

+1.04%

Technology (XLK)

+2.08%

Utilities (XLU)

+1.00%

Let’s see how the rest of the session goes. 


 

Add Your Comment


Submitted comments are subject to moderation before posting.


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.