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Afternoon Note

Rushing into Stocks

By Charles Payne, CEO & Principal Analyst
9/11/2019 1:41 PM

Pretty nice session developing with multiple stories and trends.  Technology is leading the way, as Apple (AAPL) is on fire with its array of iPhone products being rolled out to capture buyers from the longer replacement period.

Technology is also being powered by semiconductor names, after Micron (MU) caught a buy recommendation at Longbow.

S&P 500 Index



Communication Services (XLC)



Consumer Discretionary (XLY)



Consumer Staples (XLP)



Energy (XLE)



Financials (XLF)



Health Care (XLV)



Industrials (XLI)



Materials (XLB)



Real Estate (XLRE)



Technology (XLK)


Utilities (XLU) +0.74%  

And while there is still great action in laggards, those low valuation names with solid yields, all of a sudden, this session has seen a trading rush into stocks with huge short positions, sending those shares higher.

There is a ton of money on the sidelines, and at some point, buying will trigger additional buying as it will be more difficult even for naysayers to ignore the gains.


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