Afternoon Note
Today’s session is more like traditional price discovery than the more violent sessions of the past two weeks, although pivots are happening quickly. There were early wild swings, but there is something more orderly happening now.
It is clear more buyers are emerging but overcoming the level of angst is a multi-session chore outside of news of coronavirus vaccine(s) and treatments. For only the second time during this meltdown, a rally effort is being led by offensive (read growth) sectors and individual stocks.
There is also a focus on deeply discounted and oversold sectors. Hence, the move in Consumer Discretionary, Energy and Materials.
Interestingly, consumer names are being paced by names that posted strong financial results, even as the inability to provide guidance was a common thread.
S&P 500 Index |
+0.63% |
|
Communication Services (XLC) |
+3.05% |
|
Consumer Discretionary (XLY) |
+3.42% |
|
Consumer Staples (XLP) |
-2.18% |
|
Energy (XLE) |
+3.69% |
|
Financials (XLF) |
+0.57% |
|
Health Care (XLV) |
-2.32% |
|
Industrials (XLI) |
-0.63% |
|
Materials (XLB) |
+2.77% |
|
Real Estate (XLRE) |
-1.91% |
|
Technology (XLK) |
+1.19% |
|
Utilities (XLU) |
-4.82% |
I want to begin getting aggressive above S&P 2,554; but even then, I would only scale into potential long-term positions. Purists would suggest a re-test, and holding 2,285, would be a more appropriate buy signal.
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7/8/2025 1:33 PM | Seesaw Session |
7/8/2025 9:55 AM | MORE SUMMER BLAHS THAN FEAR OF MYANMAR'S TARIFF |
7/7/2025 1:27 PM | Trade Talks and Profit Taking |
7/7/2025 9:51 AM | LOVING MOOD |
7/3/2025 9:45 AM | NICE & STEADY AS SEMIS CONTINUE TO CHIP IN |
7/2/2025 1:44 PM | Materials' Strength Continues |
7/2/2025 9:38 AM | BARNBURNER |
7/1/2025 1:29 PM | Rotation |
7/1/2025 9:45 AM | FEAR OF MISSING OUT IS CREEPING IN |
6/30/2025 1:24 PM | Steady As She Goes |
6/30/2025 9:54 AM | SUMMER RALLY STARTS |
6/27/2025 1:35 PM | Reaching New Heights |
6/27/2025 9:39 AM | THERE'S MORE! |
6/26/2025 1:10 PM | S&P Approaches Record |
6/26/2025 9:51 AM | CHIPS MOMENTUM CONTINUES |
6/25/2025 1:42 PM | Tech Stocks Power Nasdaq 100 |
6/25/2025 9:47 AM | CLIMBING MOUNTAINS OF WORRY |
6/24/2025 1:47 PM | Peace Rally |
6/24/2025 9:48 AM | PEACE THROUGH STRENGTH: THE MARKET LOVES IT |
6/23/2025 1:47 PM | Getting Some Resolve |
6/23/2025 9:51 AM | BRACING |
6/20/2025 1:29 PM | Second Triple Witching |
6/20/2025 9:38 AM | POWELL BLEW IT |
6/18/2025 12:41 PM | FED Day |
6/18/2025 9:45 AM | ROOM WITH A VIEW |
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