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Afternoon Note

Runaway Trains

By Charles Payne, CEO & Principal Analyst
6/23/2020 1:25 PM

Technology and Communication Services remain runaway trains enjoying the status of unstoppable growth and safe havens at the same time.  Perhaps, that’s why traditional safe haven sectors Utilities and Real Estate are the only ones lowers in the S&P 500.

Energy is higher, but still ranged-bound, so it’s tough to know if the move is anything other than traders kicking the tires.

S&P 500 Index

+0.96%

 

Communication Services XLC

+1.19%

 

Consumer Discretionary XLY

+1.12%

 

Consumer Staples XLP

+0.41%

 

Energy XLE

+1.20%

 

Financials XLF

+0.97%

 

Health Care XLV

+0.91%

 

Industrials XLI

+0.12%

 

Materials XLB

+0.96%

 

Real Estate XLRE

 

-0.17%

Technology XLK

+1.55%

 

Utilities XLU

 

-1.18%

 

Existing home sales came in better than expected, and it is the best level since February. The results are helping Mohawk (MWK) and Leggett & Platt (LEG), which are in the top five performers.

I’m still concerned buying isn’t broad enough. Although if Anthony Fauci hearing goes well, we could get a midday buy program. 


Comments
My guess the Dims are quietly asking there robots to,
especially GOP growth states, all get tested now. To hurt the Trump economy.
I also guess wall street is figuring that out. We know Mayo Clinic staff in big Phoenix hospital and only 10 are in their ICU as of yesterday and most are from Indian tribes. Close knit, some no running water homes.

Donald McArthur on 6/23/2020 2:23:40 PM
 

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