Wall Street Strategies
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Afternoon Note

Swaying Back and Forth

By Charles Payne, CEO & Principal Analyst
9/10/2020 1:36 PM

The market continues to sway back and forth, but it looks like buyers are fading and perhaps sensing a chance to get better entry prices.  That’s the conundrum of the market.  The pullback made some favorites cheaper. There are a lot of would-be buyers trying not to be the first to jump in but certainly not wanting to be the last, either.

All sectors except Consumer Discretionary are lower, but I must point out the biggest losers are defensive sectors:

And the biggest loser is once again the energy 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



These are the kind of sessions we need to justify the next leg higher.  The discovery process has all kinds of moving parts, so you have to keep your head on a swivel instead of in the sand.

Remember in the market it’s not about how the market opens, but how it closes. So, this session is a great opportunity for buyers to decide the coast is clear.

 I think Peloton (PTON), which reports after the close will beat, and rally, and other names reporting could give us a better read on the restaurant industry and the TikTok saga. 


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