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Afternoon Note

Nowhere to Hide

By Charles Payne, CEO & Principal Analyst
10/8/2019 1:05 PM

It’s been tough sledding out the gate, and there has been nowhere to hide in the stock market, as all sectors are lower.  On a granular level, there is interesting action in many oversold names.  Moreover, the market is reacting logically considering the risks and worries about the outcome of this week’s trade meeting. I read that as a positive.

If the Dow Jones Industrial Average was down 500 points, would anyone raise an eyebrow?  It would be chalked up to headlines and the never-ending financial media’s search and promotion of recession (it’s been really embarrassing today).

S&P 500 Index

-1.14%

Communication Services (XLC)

-1.17%

Consumer Discretionary (XLY)

-0.60%

Consumer Staples (XLP)

-0.67%

Energy (XLE)

-1.27%

Financials (XLF)

-1.54%

Health Care (XLV)

-1.79%

Industrials (XLI)

-1.13%

Materials (XLB)

-1.60%

Real Estate (XLRE)

-0.38%

Technology (XLK)

-1.08%

Utilities (XLU)

-0.57%

 
Bond yields are lower as capital seeks a safe haven, and while not inverted, the yield curve is flattening today.

I think there will be news that rallies the market at the conclusion of the trade meeting, and all the pre-meeting hubris is par for the course. 


 

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