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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



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




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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