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Market Commentary

Consolidation is Fine

By Charles Payne, CEO & Principal Analyst
10/6/2020 12:53 PM

The market taking a breather after a couple of strong sessions and a shift in bias back to the upside.  Consolidation is fine, although, the one area of worry I’ve had since the Covid19 bottom is the ability for the board market to rally when Tech and Communication Services sectors are lower.  The composition of most equity indices makes this almost an impossibility.

Meanwhile, we continue to see what happens in Congress and brace for earning season next week. 

The election has more investors becoming jittery, although, there is less blind faith in polls these days.  Rightfully so.

S&P 500 Index

 

-0.16%

Communication Services XLC

 

-0.98%

Consumer Discretionary XLY

 

-0.18%

Consumer Staples XLP

+0.14%

 

Energy XLE

+1.39%

 

Financials XLF

+0.77%

 

Health Care XLV

 

-0.30%

Industrials XLI

+0.36%

 

Materials XLB

+0.76%

 

Real Estate XLRE

+0.16%

 

Technology XLK

 

-0.44%

Utilities XLU

+0.73%

 

It’s such a beautiful day, I won’t be upset if you took the rest of the day off…don’t worry, we’ll email you if something comes up.

 

 


Comments
Really enjoy reading your wisdom! Plus saying go out and enjoy the day.

Michael Hilburn on 10/6/2020 3:26:29 PM
 

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