Afternoon Note
By Charles Payne, CEO & Principal Analyst
3/11/2020 1:58 PM
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S&P 500 Index |
-4.30% |
|
Communication Services (XLC) |
-4.05% |
|
Consumer Discretionary (XLY) |
-4.53% |
|
Consumer Staples (XLP) |
-4.49% |
|
Energy (XLE) |
-4.42% |
|
Financials (XLF) |
-4.10% |
|
Health Care (XLV) |
-3.37% |
|
Industrials (XLI) |
-4.86% |
|
Materials (XLB) |
-4.58% |
|
Real Estate (XLRE) |
-5.86% |
|
Technology (XLK) |
-4.19% |
|
Utilities (XLU) |
-5.67% |
The soundbites from Steven Mnuchin haven’t helped the market, as it seems the streets (Main and Wall) want something spectacular. Instead of quibbling about whether helping certain industries is a bailout or not, the messaging must be the administration wants to get ahead of the issues, and it will do so by writing big checks.
So many stocks are extremely oversold, and there will be a combination of big snapback rebounds, especially from names that are off 40% or more. Yesterday, saw several examples:
- HES +20%
- MGM +16%
- AAL +15%
There will be enormous opportunities, so don't blink.
| Comments |
| Had to get off and cinch my saddle tighter today to hang on. William Brown on 3/11/2020 3:02:35 PM |
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