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Afternoon Note

The Waiting Game

By Charles Payne, CEO & Principal Analyst
8/6/2020 1:08 PM

The market is barely out of the starting gate today, and is mostly meandering, as investors play the waiting game.

Talk about heavy lifting, the Communication Services sector is trying to single handily lift the entire S&P 500.   CenturyLink (CTL) is the top gainer, but Facebook (FB) and Google (GOOG/L) are putting the oomph in the sector. 

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU




Market Breadth



Economy in Motion

Kansas City Southern (KSU) is having a great session as it continues to bubble up in the takeover rumor mill.  I think an offer is plausible, but it has been in and out of takeover speculation for 15 years.

Historically, transportation has been a great harbinger of where the economy is going.  The DJT has been trading above its 50-day moving average and is breaking out through a key resistance point. Obviously, airline stocks have been a drag.  But truckers and rails, including Kansas City Southern, are powering along strongly.  

American Airlines (AAL) is nearing its 50-day moving average in part to a growing sense the White House and GOP are pressing for more help for the industry.



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