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Afternoon Note

Movement Beneath The Surface

By Charles Payne, CEO & Principal Analyst
9/21/2020 1:43 PM

The market remains under pressure, but there is a lot of movement beneath the surface resulting in the NASDAQ now being the best performer after opening under the most pressure.  Several niches in the sector act great.

Meanwhile, names associated with the work from home (WFH) trade are also higher, with the increased chatter of a second wave in the United States.

Overall, the pause in selling is not triggering the kind of buying it might have last week before the FOMC gathering.  There must be answers from the Federal Reserve and federal government.

S&P 500 Index

-2.02%

Communication Services XLC

-1.71%

Consumer Discretionary XLY

-2.41%

Consumer Staples XLP

-1.47%

Energy XLE

-3.88%

Financials XLF

-3.58%

Health Care XLV

-2.80%

Industrials XLI

-3.64%

Materials XLB

-3.64%

Real Estate XLRE

-1.89%

Technology XLK

-0.34%

Utilities XLU

-1.00%

 
The market is oversold, but it needs catalyst(s).  It will get them soon, as nothing gets the attention of the powers that be more than a market selloff.

 


 

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