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Afternoon Note

Typical Anxiety

By Charles Payne, CEO & Principal Analyst
10/29/2019 1:14 PM

The market is kind of meandering, which isn’t a surprise considering the typical anxiety, as well as the difficulty of making new all-time highs after the markets pulling back for a few months.  That said, the fundamental argument for a higher market got even better.  Earnings from big names have been very impressive and consumers continue to power this economy higher. 

Consumer Confidence

The Conference Board Consumer Confidence number came in below consensus, but the internal elements of the report augur for continued consumer strength.

Consumer Confidence

Oct

Sep

Business conditions “good”

39.2

37.4

Business conditions “bad”

11.2

12.2

Jobs plentiful

46.9

44.5

 

This led to the report saying: Confidence levels remain high and there are no indications that consumers will curtail their holiday spending.”

S&P 500 Index

+0.09%

 

Communication Services (XLC)

 

-0.83%

Consumer Discretionary (XLY)

 

-0.23%

Consumer Staples (XLP)

+0.30%

 

Energy (XLE)

+0.33%

 

Financials (XLF)

+0.56%

 

Health Care (XLV)

+1.30%

 

Industrials (XLI)

+0.36%

 

Materials (XLB)

+0.54%

 

Real Estate (XLRE)

+0.67%

 

Technology (XLK)

 

-0.58%

Utilities (XLU)

 

-0.16%

The stock of the day is Boeing (BA), which has been higher for most of the session, but it almost moved into the red after blistering back to back comments from Senators Duckworth and Cruz.  Seems like Wall Street is trying to position for the return of the 737 Max.

 


Comments
737 Max must be overhauled to be a safe. Plane if not & Congress says “ improve 737 Max” live or die

Ramon Espinosa on 10/29/2019 1:33:46 PM
I like Charles and his analysis is almost always insightful and on target.

Linda S Brzozowski on 10/29/2019 1:52:34 PM
 

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