Afternoon Note
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% |
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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