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Afternoon Note

Tough Sledding Again

By Charles Payne, CEO & Principal Analyst
10/19/2020 1:39 PM

It is another session of tough sledding, but nothing stands out negatively or positively.  Investors continue to move into the Russell 2000, as the other major equity indices spin their wheels.

S&P 500 Index

 

-0.37%

Communication Services XLC

 

-0.94%

Consumer Discretionary XLY

+0.12%

 

Consumer Staples XLP

 

-0.32%

Energy XLE

+0.13%

 

Financials XLF

 

-0.42%

Health Care XLV

 

-0.45%

Industrials XLI

 

-0.07%

Materials XLB

0.00%

 

Real Estate XLRE

 

-0.39%

Technology XLK

 

-0.34%

Utilities XLU

 

-0.41%

 

Three sectors are clinging to slim gains:

NAHB Sentiment

Level

Change

Single Family

90

+2

Six Month Expectations

88

+3

Prospective Traffic

74

Unchanged

 

This lull in the action should be temporary as the market gets a clearer read from earnings reports, especially names like Tesla (TSLA) and Netflix (NFLX).


 

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