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Afternoon Note

Angst remains, But Itís Calmer

By Charles Payne, CEO & Principal Analyst
3/20/2020 1:22 PM

At 12:18, this is where the S&P 500 stood, an eclectic mix of winners led by lots of folks normally not in the stock market looking for big scores in the most oversold names.

The angst remains, but it is calmer, as we head into another weekend that is sure to see higher case counts of coronavirus in the United States; although, I welcome the data, because it will help to assist future decision-making.  It will also push down the mortality rate, which is critical to getting citizens out of their homes and into the economy once the all-clear is given.

Meanwhile, the action today is intriguing, with investors flocking to Consumer Discretionary names, even when New York and California are on de-facto full lock down.

S&P 500 Index

 

-0.44%

Communication Services (XLC)

 

-1.16%

Consumer Discretionary (XLY)

+1.36%

 

Consumer Staples (XLP)

 

-3.23%

Energy (XLE)

+1.37%

 

Financials (XLF)

 

-0.97%

Health Care (XLV)

 

-0.43%

Industrials (XLI)

 

-0.41%

Materials (XLB)

 

-2.10%

Real Estate (XLRE)

+0.42%

 

Technology (XLK)

+0.87%

 

Utilities (XLU)

 

-2.48%

 

I’m encouraged by the action in the market since Wednesday and welcome each failed rally attempt as a necessary part of the bottoming process.  

Stay safe.


Comments
You are sorely missed on Fox Biz as a voice of reason, common sense and good humor. I am sure that everyone will be happy for your return. I am such a fan. Best regards, NG

Nancy Gandy on 3/20/2020 3:22:26 PM
Looking forward to your return. Stay healthy.

ALISON HARRIS on 3/24/2020 4:20:10 PM
 

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