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Afternoon Note

Sideways

By Charles Payne, CEO & Principal Analyst
1/27/2020 1:36 PM

The market opened with a thud and has largely been trading sideways since.  There was an update from the Center of Disease Control (CDC).  The biggest takeaways:

People under Investigation (PUI) in the United States*†

As of 1/27/2020

People under Investigation (PUI) in the United States

Negative

32

Pending§

73

Total

110

*Cumulative since January 21, 2020.
† Numbers closed out at 7 p.m. the night before reporting.
§Includes specimens received and awaiting testing, as well as specimens in route to CDC.

Number of states with PUI: 26

After the CDC announcement, money came out of Utilities, and the buy on dippers dipped a toe into Technology and Communication Services.

S&P 500 Index

-1.20%

Communication Services (XLC)

-1.33%

Consumer Discretionary (XLY)

-1.10%

Consumer Staples (XLP)

-0.05%

Energy (XLE)

-2.31%

Financials (XLF)

-1.22%

Health Care (XLV)

-0.52%

Industrials (XLI)

-1.44%

Materials (XLB)

-1.74%

Real Estate (XLRE)

-0.43%

Technology (XLK)

-1.71%

Utilities (XLU)

-.20%
 
With the head of the World Health Organization in China, all eyes will be focused on whether there is a change in the global threat assessment.  Perhaps, officials there are catching up to the risk with an overabundance of caution after initially misjudging the virus.

This kind of action is very helpful for building and managing a list of potential buys on the dip.  We aren’t forcing the issue now, but anticipate stronger than expected earnings, coupled with the current weakness, will generate money making opportunities. 


 

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