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Afternoon Note

Off but Up

By Charles Payne, CEO & Principal Analyst
10/8/2020 1:46 PM

The major indices are well off the highs.  First there was news that House Speaker Nancy Pelosi said she and the Democrats will not accept President Trump smaller package to help the airlines without a comprehensive Covid-19 stimulus bill.  President Trump also said he will not participate in the next Presidential debate that is now slated to be virtual.  However, later President Trump's campaign manager announced a second debate in person will happen, but it will be delayed by a week.

Then, news came out that that FBI intercepted an alleged plan to kidnap Michigan Governor Gretchen Whitmer and 6 men that are considered to be extremist have been arrested. An FBI agent wrote in an affidavit, "Several members talked about murdering 'tyrants' or 'taking' a sitting governor." And added, "The group decided they needed to increase their numbers and encouraged each other to talk to their neighbors and spread their message." The Governor is safe and is not in any imminent danger.

The S&P 500 is the best performer and is currently up .89%, followed by the Nasdaq +0.64% and the Dow up .50%. The VIX, Volatility Index, or fear gauge, is down to 27.35, -2.5% today. FAANG stocks are up today with the exception of Netflix (NFLX).

All 11 sectors are in the green and today with Energy leading the way. 

S&P500

+0.68%

Communication Services (XLC)

+1.20%

Consumer Discretionary (XLY)

+0.54%

Consumer Staples (XLP)

+0.59%

Energy (XLE)

+2.32%

Financials (XLF)

+1.05%

Health Care (XLV)

+0.51%

Industrials (XLI)

+0.45%

Materials (XLB)

+0.96%

Real Estate (XLRE)

+1.62%

Technology (XLK)

+0.62%

Utilities (XLU)

+1.48%

 

Breadth is positive by 3-1 on the NYSE and 2-1 on Nasdaq, new highs are ripping, and advancers are far outpacing decliners.

Issues:

NYSE

NASDAQ

Advancing

2,236

2,127

Declining

740

1,243

Issues at:

52 Week High

143

141

52 Week Low

7

6

Volume:

Advancing

1.55B

1.19B

Declining

263.25M

733.39M

 

Comments
Thanks much for this. I always watch you when possible.

Earl Ellison on 10/9/2020 2:58:07 PM
 

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