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Afternoon Note

Narrow Ranges

By Charles Payne, CEO & Principal Analyst
7/8/2020 1:19 PM

It’s been an interesting session that has seen major indices trade in narrow ranges, but it has also provided opportunities to test the rally and resolve of investors.

The Dow Jones Industrial Average and S&P 500 slipped into the red a couple of times and stop short of bigger loses as buyers materialized. 

By the same token, buyers have not been willing to chase or pay up for stocks; hence, the narrow range.

But more sectors are higher than even earlier in the session when the market was higher.

S&P 500 Index

+0.32%

 

Communication Services (XLC)

+0.32%

 

Consumer Discretionary (XLY)

+0.28%

 

Consumer Staples (XLP)

+0.35%

 

Energy (XLE)

+0.14%

 

Financials (XLF)

+0.20%

 

Health Care (XLV)

+0.20%

 

Industrials (XLI)

+0.39%

 

Materials (XLB)

+1.39%

 

Real Estate (XLRE)

 

-0.46%

Technology (XLK)

+1.14%

 

Utilities (XLU)

+0.37%

 

 

Mortgage Applications

+5%

Week to Week

+33%

Year to Year

Homebuilders are the hottest stocks after mortgage purchase applications leaped from a week and year ago.  The annual increase is the largest on record, and it looks like momentum will continue. Homebuilder Taylor Morris saw second quarter closing climb 24%.


 

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