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Afternoon Note

Seems Like Groundhog Day

By Charles Payne, CEO & Principal Analyst
1/13/2020 1:25 PM

Remember the movie Groundhog Day, with Bill Murray, where he played a weatherman that gets stuck in a time-warp, experiencing the same groundhog day over and over again.  Well these days, it seems like the market is doing the same thing.  Once again, the major indices are in the green and reaching new highs. 

FAANG stocks are continuing the charge forward, with each company up. Netflix (NFLX) is leading the way, gaining over 3%.  The shares have been on a tear since bottoming in September, and it looks like they are breaking out, marching back towards the high of $385.99 reached in May. One of their recent works, The Irishman, with Robert De Niro, is up for an Oscar for Best Picture. 

Facebook (FB) is close behind, up 1.7%.  Apple (AAPL) received yet another price upgrade, this time from Da. Davidson, raising it target to $375 from $300. 

Another stock on a tear today is Lululemon (LULU), up 4% to $244.18.  The company raised its 4th quarter guidance this morning.  The company reported a robust holiday season.  The stock also received another price target upgrade. 

Nine of the eleven S&P500 sectors are in the green, with Materials, Real Estate and Technology leading the way higher, and Energy and Healthcare lagging.

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)



There are 193 stocks making new highs on the NYSE and 228 on the Nasdaq, while 21 are hitting new lows on NYSE and 28 on Nasdaq.





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