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Afternoon Note

Grinding Higher

By Charles Payne, CEO & Principal Analyst
1/6/2020 1:19 PM

Major indices have been grinding higher all session after belly-flopping at the start of trading, to trading at the highs of the session and NASDAQ now has moved into positive territory.

While the Communication Services sector has rallied ahead of the start of CES, software and cloud names are enjoying the best moves.  Software was a monster winner last year, with the IGV ETF +36% and +107% over the last three years.

For all the hype over cloud, the SKYY ETF is only up 25% in the past 52-weeks and 72% over the last three years.  Now it’s breaking out big time.  There are lots of niches in the group including:

https://www.tradingview.com/x/35u8YpYp/

While volume is still in holiday mode, I would say buckle up for the final two hours of trading.


 

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