Afternoon Note
When Gap Stores (GPS) is the top performing stock in the S&P 500, and its only up 6.5%, you know investors are grappling. Of course, grappling is better than grasping, which is where the market could be if the major indices slipped below their respective 200-day moving averages.
Technology is the best performing sector, which these days means investors are looking to camp out in their favorite haven. Remember when investment professionals used to try to promote no-growth value names as getting paid while you wait? Investors are really getting paid to wait these days.
I like the action in Materials as well.
S&P 500 Index |
+0.46% |
|
Communication Services XLC |
+0.15% |
|
Consumer Discretionary XLY |
+0.69% |
|
Consumer Staples XLP |
-0.35% |
|
Energy XLE |
+0.08% |
|
Financials XLF |
-0.21% |
|
Health Care XLV |
-0.45% |
|
Industrials XLI |
-0.05% |
|
Materials XLB |
+0.47% |
|
Real Estate XLRE |
-0.77% |
|
Technology XLK |
+1.59% |
|
Utilities XLU |
+1.12% |
The stock of the day might be Apple (AAPL), which slumped late Friday after announcing the closing of 11 stores in four states. Now, the stock is higher, and within striking distance of its all-time high, as each session seems to be greeted with higher price targets on Wall Street.
Comments |
Charles, You had Boeing, among others in your five stocks to buy and put away for the long haul (5yrs maybe). Your comments this morning sounded pretty negative for Boeing. Have you changed your mind regards them? RLC Robert Clanton on 6/22/2020 3:32:20 PM |
Not negative, just an update on why the stock has been spinning its wheels. Perhaps I should have reiterated I think this will still be a long term grand slam although 737 Max and post Covid world have changed near term dynamics the stock is cheap to its potential. CP Charles Payne on 6/22/2020 3:36:54 PM |
Tweet |
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