Wall Street Strategies
Hello! Sign in or Register


Afternoon Note

Bottom Fishing (or drilling)

By Charles Payne, CEO & Principal Analyst
12/4/2019 1:54 PM

Energy is the best performing sector today, buoyed by a greater than expected inventory draw down.   The 4.9% decline in inventories was greater than expected and is helping West Texas Intermediate rally higher.   Investors have been wanting to get into the energy sectors all year long, so it’s the best performer today.

 I think early buying, while infectious enough to spark additional buying, didn’t seduce as many buyers as it would have if the ADP jobs report wasn’t a dud.

Symbol

Select Sector SPDR Fund

Last

Change

% Change

XLC

Communication Services

52.30

+0.34

+0.64

XLY

Consumer Discretionary

120.99

+0.77

+0.64

XLP

Consumer Staples

62.33

+0.29

+0.47

XLE

Energy

58.95

+0.94

+1.62

XLF

Financials

29.86

+0.32

+1.08

XLV

Health Care

99.62

+0.79

+0.80

XLI

Industrials

80.53

+0.72

+0.90

XLB

Materials

59.55

+0.49

+0.83

XLRE

Real Estate

38.34

+0.09

+0.24

XLK

Technology

86.54

+0.41

+0.48

XLU

Utilities

63.17

+0.36

+0.57

The most intriguing action continues to be in beaten down retailers.  L Brands (LB) has become a juggernaut while Tapestry (TPR) and Ralph Lauren (RL) also act great.

Let’s not force the issue this afternoon.


 

Add Your Comment


Submitted comments are subject to moderation before posting.


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.