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Afternoon Note

Dull Market

By Charles Payne, CEO & Principal Analyst
8/31/2020 1:30 PM

It’s been a very lackluster session with the Dow dropping like a lead balloon. The S&P is trying to gain traction, but it is coming up short for now.  The NASDAQ remains a monster, as those SaaS chip plays move higher, and everyone marvels at Tesla (TSLA) and Apple (AAPL) living up to the hype.

It does feel like buyers want to step up, but there is no sense of urgency now.

S&P 500 Index

 

-0.05%

Communication XLC

 

-0.31%

Consumer Discretionary XLY

+0.05%

 

Consumer Staples XLP

 

-0.40%

Energy XLE

 

-1.62%

Financials XLF

 

-0.67%

Health Care XLV

+0.55%

 

Industrials XLI

 

-0.94%

Materials XLB

 

-0.73%

Real Estate XLRE

 

-0.77%

Technology XLK

+0.37%

 

Utilities XLU

+0.42%

 
 

I think the shakeup in the Dow is helping UnitedHealth (UNH) the most, as it’s not the most influential name in the index and one of the few components higher now.

Overall, it’s a dull market. These are the sessions that allow us to evaluate the strength of holders and patience of potential buyers.  The latter has made a couple of moves but nothing to trigger a sense that the train is leaving the station.


 

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