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Afternoon Note

Due for a Breather

By Charles Payne, CEO & Principal Analyst
6/24/2020 1:59 PM

The major indices are all down over 2% as coronavirus increases.  Well that is what the talking heads would want you to think.  Or perhaps, the markets were simply due for a breather.

Walt Disney (DIS) World employees have petitioned to delay the opening as cases in Florida are rising with 5,508 new case reported overnight.  Florida’s total cases are now 109,014.  DIS is trading down 4.5%.

In New York, New Jersey and Connecticut the governors said they will impose a 14-day quarantine on travelers from other states with high infection rates, which is considered 10 per 100,000 or 10% of the population on a seven-day rolling average. This will include states such as like Alabama, Arkansas, Florida, North and South Carolina, Arizona, Florida, Washington, Texas, Utah and Arkansas.

Travel related stocks are notably week today as potential restrictions on U.S. travel by Europe and quarantines domestically weights on investors.

On the Nasdaq 100, only 1 stock, Zoom Video (ZM) is in the green.  According to Bespoke, August 5, 2019, was the last time all stocks in the index closed down on the day.  All Dow components are in the red, and all 11 S&P 500 sectors are negative with Energy getting hammered, down almost 5%. WTI is down 6.5% to $37.70 a barrel. 

S&P 500 Index

-2.66%

Communication Services (XLC)

-2.16%

Consumer Discretionary (XLY)

-2.14%

Consumer Staples (XLP)

-1.60%

Energy (XLE)

-4.75%

Financials (XLF)

-2.90%

Health Care (XLV)

-2.68%

Industrials (XLI)

-3.01%

Materials (XLB)

-2.31%

Real Estate (XLRE)

-3.30%

Technology (XLK)

-1.89%

Utilities (XLU)

-1.24%

Breadth is decidedly negative.  Nasdaq still however has vastly more new 52 week highs than lows.

Issues:

NYSE

NASDAQ

Advancing

279

514

Declining

2.690

2,799

Issues at:

52 Week High

9

46

52 Week Low

10

10

Volume:

Advancing

339.16M

1.25B

Declining

2.91B

2.35B

 

On the housing front, weekly MBA Mortgage Application Index declined 8.7% after being up 8% last week.

 


Comments
temptations ball of confusion?......it's more like they were FORCED to >
https://www.youtube.com/watch?v=6WUTlCTi7fg

prettydirect on 6/24/2020 2:29:30 PM
10% of 100,000 is 10,000 not 10

David Hays on 6/24/2020 3:10:08 PM
Its 10 per 100,000 or 10% of the population on a seven-day rolling average, likely whichever is greater.

Daliah Amar on 6/24/2020 5:02:17 PM
 

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