Wall Street Strategies
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Afternoon Note

Markets Soar

By Charles Payne, CEO & Principal Analyst
11/9/2020 1:34 PM

The market shot out of a cannon this morning and since has settled into cruise control.  I expected more of a midday pullback.  We took profits on a number of ideas that were getting ahead of their skies. I’m very impressed by this action and the distribution of buying, as there is a clear rotation out of pure stay at home stocks and other tech names that got marginal benefits.

The latter need to be assessed for buying opportunities.

S&P 500 Index

+3.14%

Communication  

+1.22%

Consumer Discretionary XLY

+1.58%

Consumer Staples XLP

+1.43%

Energy XLE

+15.00%

Financials XLF

+8.73%

Health Care XLV

+2.48%

Industrials XLI

+4.70%

Materials XLB

+3.32%

Real Estate XLRE

+5.59%

Technology XLK

+2.29%

Utilities XLU

+4.29%

Say What?

West Texas Intermediate is up 9% and S&P Energy sector is up 15%.  Wow.

I said I would reevaluate longer term oil legacy oil names at WTI $45, but we are going to take a second look tonight.

I would like old milestones to now become new support points from here.


Comments
The last time I took your advice was in March. That company was suppose to sell medical equipment, imperative to handle Covid19. That company had spiked straight up like that energy company. As soon as I bought it, it fell to the earth like a guided missile. I don't trust straight up stocks. They tend to fall straight down, as fast as a blink of your eye. They stay that way.

Sandra Trageser on 11/9/2020 2:03:09 PM
My biggest hope is that Judicial Watch gets the resources to determine the numbers of dead and non-residents who voted in LA, Nevada, Chicago, Milwaukee, Detroit, Philadelphia, etc. They have the voter registration lists for many.

Neal on 11/9/2020 2:08:31 PM
Charles, I love what you do but will never watch Fox again as they have betrayed us. Please move to a news organization that isn't so partisan. Otherwise, I guess I'll have to settle for this letter.

John Rafalowski on 11/9/2020 2:33:19 PM
Charles, I agree with John Rafalowski. It is unfortunate because enjoy your show and learned so much.

Patty Newell on 11/9/2020 4:52:35 PM
I enjoy your show, too. I have bought some of your recommendations and gotten caught at their peak in the 'TVpop' that they got, but I have also made money on your suggestions.

Diane on 11/10/2020 8:19:47 AM
Thanks Diane The thing to understand with buying from TV is how the idea(s) match your own goals and temperament,  CP

Charles Payne on 11/10/2020 8:32:28 AM
Charles, I like you right where you are. I enjoy your positive attitude. What other news media has supported the president over the last few years as much as Fox?

Danny Redford on 11/10/2020 8:23:46 AM
Thank you very much Danny.  I'm a champion of Americans and American opportunity and success and when anyone is doing the right thing to facilitate that then I will be supportive.  CP

Charles Payne on 11/10/2020 8:34:53 AM
 

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