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Afternoon Note

Moving to the Burbs

By Charles Payne, CEO & Principal Analyst
7/24/2020 1:33 PM

The markets staged a comeback but are in the red across the board. FAANG is still under pressure, yet way off the lows. Netflix (NFLX) the only one bucking the trend and is up on the day.  Next week is a big earnings week for FAANG, and results may deeply influence the overall markets, especially tech.

The only S&P 500 sector in the green today is Consumer Discretionary.

S&P 500 Index

 

-0.73%

Communication Services (XLC)

 

-0.48%

Consumer Discretionary (XLY)

+0.09%

 

Consumer Staples (XLP)

 

-0.16%

Energy (XLE)

 

-0.27%

Financials (XLF)

 

-0.12%

Health Care (XLV)

 

-1.28%

Industrials (XLI)

 

-0.55%

Materials (XLB)

 

-0.65%

Real Estate (XLRE)

 

-0.26%

Technology (XLK)

 

-1.15%

Utilities (XLU)

 

-0.48%

 

Breadth is decidedly negative and declining volume outpaces advancing, yet, 52-week highs outweigh the lows.

Issues:

NYSE

NASDAQ

Advancing

1,098

971

Declining

1,821

2,223

Issues at:

52 Week High

33

30

52 Week Low

4

18

Volume:

Advancing

697.87M

932.81M

Declining

1.11B

1.40B

 

New Home Sales

We have talked a lot about household formation and more people headed for the burbs from the city. Covid has amplified the desire to leave the skyscrapers for picket fences.  June’s new home sales was a testament to that, especially in the Northeast. New home sales rose a whopping 13.8% in June from May to 776,000 units.  This was the highest pace since July 2007. Year over year, new home sales have surged 13.7%.

Tight supply, low interest rates added to the demand.

New home sales by region:

Have a great weekend.  Be safe and stay well.

 


Comments
Dear Charles I follow you on TV and elsewhere I need investing help.seriously...buti wabt some growth...real growth!! Everyone just seems to sit all national next day. I am now retired at 70 years old im need my money to grow for not only income but leave a little bit for my family! can u help me I tried to use you before but I really got no where in the growth department. you're welcome to call me 8509334642 and my dress is 1274 millstream road Tallahassee FL 32312
charliegrobinson@gmail.com

Charlie Robinson on 7/24/2020 2:28:40 PM
 

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