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Afternoon Note

Let It Snow

By Charles Payne, CEO & Principal Analyst
9/16/2020 1:40 PM

Oh, the weather outside is frightful

But the fire is so delightful

And since we've no place to go

Let it snow, let it snow, let it snow

Just when it looked like Jerome Powell would be the star of the session everyone is looking for snow.  The hottest IPO of the year Snowflake (SNOW) began its first day of trading opening more than 100% above its offering price and it got a lot of people excited. 

The irony is the only losing sector today has been technology. It came out the gate with a little gusto, but reversed lower as key names like Adobe (conference call) and Apple (weak event) trended lower.

S&P 500 Index

+0.44%

 

Communication Services XLC

+0.10%

 

Consumer Discretionary XLY

+0.23%

 

Consumer Staples XLP

+0.47%

 

Energy XLE

+3.52%

 

Financials XLF

+1.56%

 

Health Care XLV

+0.51%

 

Industrials XLI

+1.22%

 

Materials XLB

+0.57%

 

Real Estate XLRE

+1.54%

 

Technology XLK

 

-0.20%

Utilities XLU

+0.10%

 

 

The Fed will make news by making news or failing to keep market participants excited about additional accommodation.

The Fed better pull a rabbit because, not only do markets need a bump so does Main Street.  Of course, the best way to help Main Street is routed through Congress which is an unmitigated disaster.  I wonder if any of them saw Retail Sales this morning?  It was a big miss, but I do want to point a few things out:

Let’s see what happens. Ofently,we see a knee jerk reaction on the wrap of the FOMC to the closing bell, which is countered in the very next session.


 

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