Charles Payne's Market Commentary

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.

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