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Afternoon Note

Great Session

By Charles Payne, CEO & Principal Analyst
11/1/2019 1:02 PM

It’s a great session for market, but not because major indices are higher, but because the market continues to power higher despite daily calls of doom and gloom. There is no irrational exuberance, but one could ask if investors have been irrationally pessimistic.

Not only has the market rallied higher, it continues to do so without the lead from growth and momentum names, which are actually anchoring today’s performance after Goldman Sachs (GS) issued a warning about the toll of increased regulations and antitrust investigations.

The sector taking the biggest hit is Communication Services weighted down by Facebook and Google (Amazon is in Consumer Discretionary). 

“Our previous research showed that antitrust lawsuits typically take years to resolve but ultimately result in lower valuation between lawsuit filing and resolution and slower sales growth following resolution.”  Chief Equity Strategist David Kostin.

The firm sees both political parties taking aim at this companies and holding back stock performance.

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)



Conversely, semiconductors are killing it- led today by one of my old favorites Qorvo (QRVO) +19%.





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