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Afternoon Note

Another Seesaw Session

By Charles Payne, CEO & Principal Analyst
9/11/2020 1:32 PM

It’s been another seesaw session that has seen weakness in Technology sway all the major indices.  The former high-flyers are continuing to have trouble holding onto rallies, as sell the rip has replaced buy the dip. 

Meanwhile, there is an even greater move into value sectors like Materials and Industrials.  This is great for folks with those names in their portfolio, but the sectors have little board market influence. 

All the S&P 500 sectors are in the green, save for Technology.

S&P 500 Index

+0.45%

 

Communication Services XLC

+0.03%

 

Consumer Discretionary XLY

+0.55%

 

Consumer Staples XLP

+0.95%

 

Energy XLE

+0.31%

 

Financials XLF

+1.11%

 

Health Care XLV

+0.78%

 

Industrials XLI

+1.61%

 

Materials XLB

+1.68%

 

Real Estate XLRE

+0.36%

 

Technology XLK

 

-0.30%

Utilities XLU

+0.36%

 
 
This is all playing out with major indices.

NASDAQ is bouncing around like a punch-drunk prize fighter.

The Dow looks determined to finish in the green.

The S&P 500 is stuck in the middle and not sure where to go; although, I think a majority of the names will finish the session higher.  It’s those heavyweights that are holding the index back and just barely above the 50-day moving average.

Enjoy your weekend and be ready to be more aggressive next week.


Comments
Love your show and make sure to tune in every week day my friend.
Waiting on the arrival of your book.
Is it available in digital format? I'm more of a Kindle type of reader because it's easier for me.
Thank You for all you do,
David

DAVID WATERS on 9/11/2020 3:21:19 PM
 

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