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Afternoon Note

Shake Out Continues

By Charles Payne, CEO & Principal Analyst
9/15/2020 1:58 PM

The market popped out the gate and has been marking time ever since.  The stall has lured some sellers, as the shake out process continues.  Growth is back in the driver seat, as Communication Services leads the way, followed by Technology.  Real Estate continues to be the most intriguing sector this week.

I pointed out the move in S&L Green Realty (SLG) this morning, and the stock remains on fire. Conversely, Financials act terrible, led lower by JP Morgan.  Jamie Dimon gave an intriguing interview with Keefe Bruyette & Woods, but I am not sure what he said to hit the shares this hard.

Interestingly, those folks most adamant there will be a rotation of out of growth mostly see Financials as the main beneficiary.  Not today.

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



In Washington, D.C., peace in the Middle East is making major strides and the administration just dropped the aluminum tariffs on Canada. 

Things are happening and the stock is telling us to expect for good stuff beyond hot tech stocks.


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