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Afternoon Note

Focus on Fundamentals

By Charles Payne, CEO & Principal Analyst
9/3/2020 1:25 PM

ISM Services slipped to 56.9 from 58.1. While that may seem innocuous, the street was looking for a dip to 57.0.  The ISM discussed supply chain issues and noted lower inventories as a reflection of stronger demand.

ISM Services slipped to 56.9 from 58.1. While that may seem innocuous, the street was looking for a dip to 57.0.  The ISM discussed supply chain issues and noted lower inventories as a reflection of stronger demand.

ISM Services

Profit taking is trigging some panic in Technology and Communication Services.  The sectors are still significantly above key support points.  It’s too early to buy, but a great time to fine tune your list.  There were a ton of names I felt I closed too early, like Michaels Stores (MIK), which is down 25%, that are intriguing. 

Today it’s very important to focus on fundamentals.  The good news is we have strong resistance points to reference in the future. Right now, the more important question is where is support?

XLK

XLC


Comments
I am surpride you made no comment on the Market Tanking today.
Just proved my long theory that NO ONE is GOD and can time the market.
Jim Gill

Jim Gill on 9/3/2020 9:20:00 PM
Very strange comment. I commented on the afternoon note and more tomorrow morning. I do not play or time "the market." I seek out opportunities focused on the best values (not to be confused with stocks that are down or haven't moved). Ironically the best chances for outsized gains is when great stocks go on sale. Its a human endeavor. Im very good at it but not perfect the great news is we have been crushing it as most folks hid out in bunkers. The notion of beating the market day to day is a silly endeavor. Not what I'm about. CP

Charles Payne on 9/3/2020 10:32:10 PM
Very strange comment. I commented on the afternoon note and more tomorrow morning. I do not play or time "the market." I seek out opportunities focused on the best values (not to be confused with stocks that are down or haven't moved). Ironically the best chances for outsized gains is when great stocks go on sale. Its a human endeavor. Im very good at it but not perfect the great news is we have been crushing it as most folks hid out in bunkers. The notion of beating the market day to day is a silly endeavor. Not what I'm about. CP

Charles Payne on 9/3/2020 10:32:24 PM
Charles makes money 50% of the time, which is not bad. I have been listen to the "talking heads" for over 20 years now. It got to the point if they said buy, I sold. If they said sell, I bought. He does his home work, which means I don't need to, or don't know how to. A 800 point drop is not that unusual considering what the market has done this year. It was expected, and needed. Time to buy?

Mike Moule on 9/4/2020 8:58:20 AM
Thanks†Mike I think we've made money on 75% of the ideas on the Hotline this year...maybe more.† We are salivating†over emerging†opportunities†but not going to force it at this very moment.† CP

Charles Payne on 9/4/2020 9:01:11 AM
 

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