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Afternoon Note

Strong Rebound

By Charles Payne, CEO & Principal Analyst
5/20/2020 1:24 PM

It’s a strong rebound from yesterday’s close, but that should not be a surprise.

According to Bespoke Research, the market has had 14 sharp declines in the last half hour of trading over the last ten years and the following session saw strong rebounds.  The last time it didn't happen was august 2011.

Rally Day After Late Sell-Off

First 15 Minutes


Entire Session


Average gain


The question is how will the market close?

The first pullback came after news the Senate passed a bill that will require China companies listed on American exchanges to follow the same rules as American companies.  Novel idea.

Energy continues to rally as oil edges closer to a big test of resistance.  Communication Service stocks are rocking as Facebook (FB) gets ready to try to get folks to shop on its site and Twitter (TWTR) is a name floating around the rumor mill.

Meanwhile, retail names like Target (TGT) and Lowes (LOW), which were up earlier, have now reversed course.

Nasdaq is the best performing sector up 1.7%.  The Dow is up 1.4%.  All the S&P 500 sectors are in the green.

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


I always enjoy your commentary and appearances on FBN, your the best

Joseph Koester on 5/20/2020 1:50:42 PM
I too am always interested in what you have to say on FBN

Norman Barker on 5/20/2020 5:06:21 PM

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