Wall Street Strategies
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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


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)


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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