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Afternoon Note

On Your Mark Get Set…

By Charles Payne, CEO & Principal Analyst
6/17/2020 1:45 PM

Tune in today at 2 ET to Making Money on Fox Business.  I will be interviewing Vice President Pence.

The market is struggling to get out the starting blocks today after five tumultuous sessions, so in a way, it’s kind of a relief.  Communication Service is the biggest winner followed by Technology, as investors continue to embrace comfort when the broad market stalls. Those sectors are driving the NASDAQ higher for the eighth time in nine sessions.

S&P 500 Index

+0.29%

 

Communication Services XLC

+0.56%

 

Consumer Discretionary XLY

+0.33%

 

Consumer Staples XLP

+0.32%

 

Energy XLE

 

-1.98%

Financials XLF

 

-0.43%

Health Care XLV

+0.32%

 

Industrials XLI

+0.08%

 

Materials XLB

 

-0.18%

Real Estate XLRE

 

-0.55%

Technology XLK

+0.69%

 

Utilities XLU

 

-0.27%

 

Alternative leadership among NASDAQ stocks is also providing leadership.  Today, it’s super growth names like Amazon (AMZN), which got a long-term target of $5,000 and Netflix (NLX), which got a boost from a research report that suggest tremendous pricing power.   The SMH semiconductor ETF is forming a double top and on the cusp of a major breakout.


 

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