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Afternoon Note

Housing Rebound

By Charles Payne, CEO & Principal Analyst
6/29/2020 1:25 PM

The market stumbled out the gate, and for a split second, it looked like the mavens were going to jawbone it lower.  Then we got more signs that maybe it’s too early to write off a v-shaped economic recovery.

Pending Home Sales (signed contracts) enjoyed the single greatest monthly rebound this month, leaping 44.3%.  Sales blew away consensus and might have been better if there was more inventory.

May Pending Home Sales Regional Breakdown

The month of May saw each of the four regional indices rise on a month-over-month basis, after all were down in April 2020.

All 11 S&P 500 sectors are in the green lead by housing and the Industrial and Material sector.   Boeing (BA) is also lifting the market, as it trades up 9.55% on reports that the 737 Max, which has been grounded for 15 months, may begin test flights as soon as Monday.   

S&P 500 Index

+1.24%

Communication Services (XLC)

+1.16%

Consumer Discretionary (XLY)

+1.71%

Consumer Staples (XLP)

+1.81%

Energy (XLE)

+1.79%

Financials (XLF)

+1.06%

Health Care (XLV)

+0.77%

Industrials (XLI)

+2.65%

Materials (XLB)

+2.19%

Real Estate (XLRE)

+1.30%

Technology (XLK)

+0.81%

Utilities (XLU)

+1.23%

 

 

 

 

 

 

 


Comments
Good stuff! (although, I think it's going to be a "K" shaped recovery.. some winners and some losers... But, overall, there are always plenty of opportunities...)

Lance Friedman on 6/29/2020 2:40:41 PM
No way a K, won’t happen.

WW on 6/29/2020 4:57:31 PM
good info

jim odonnell on 6/30/2020 8:40:53 AM
 

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