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Afternoon Note

Reopening

By Charles Payne, CEO & Principal Analyst
9/25/2020 1:35 PM

What a week its been.  The major indices are now all in the green today. Rotation continues and the reopening trade is back.  The cruise lines were upgraded at Barclays to Overweight, and the sector is up big with Norwegian Cruise Line Holdings (NCLH) gaining almost 12%. The airlines are also flying high.

Speaking of reopening, go, go, go Florida.  According to the Orlando Sentinel, Florida is removing the statewide capacity restrictions on restaurants and other businesses, which can now go back to operating at 100%.  In addition, the state will prohibit fines for mask requirements.

FAANG is back, and all are gaining with Apple (AAPL) leading the group higher, up over 2%.

The S&P500, while trading higher, is still below its 50 day of 3350. Risk on is in place and only Consumer Staples and Energy are in the red.

S&P 500 Index

+0.64%

 

Communication Services (XLC)

+0.31%

 

Consumer Discretionary (XLY)

+0.33%

 

Consumer Staples (XLP)

 

-0.18%

Energy (XLE)

 

-0.98%

Financials (XLF)

+0.33%

 

Health Care (XLV)

+0.52%

 

Industrials (XLI)

+0.88%

 

Materials (XLB)

+0.40%

 

Real Estate (XLRE)

+0.76%

 

Technology (XLK)

+1.24%

 

Utilities (XLU)

+0.70%

 

Breadth is decidedly positive, and advancer are far outpacing decliners on the Nasdaq, however lagging on the NYSE.  New 52 week lows are still higher on both indices than new highs.

Issues:

NYSE

NASDAQ

Advancing

1,843

2,275

Declining

1,151

1,040

Issues at:

52 Week High

11

19

52 Week Low

22

40

Volume:

Advancing

768.84M

1.58B

Declining

1.00B

397.36M

Have a great weekend.  Be well and stay safe. 


Comments
Recent drop was just another due to the big traders controlling the market. All it takes is maybe two or 300 billion and they may let you into the club too.

Kiswardy James on 9/25/2020 4:02:03 PM
 

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