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Afternoon Note

Market Optimism

By Charles Payne, CEO & Principal Analyst
11/16/2020 2:02 PM

The major indices soared sharply in another day driven by encouraging vaccine news, this time from Moderna (MRNA). The Dow hit an all-time high and the Russell is up 1.9%. The S&P 500 is up 0.6% and testing a big breakout point at 3,627.

The biggest winners are energy and industrials, two of the sectors that were badly hit from lockdowns and the pandemic overall. The so-called ‘Stay at Home’ or ‘Work from Home’ stocks are in red territory this afternoon.

S&P 500 Index

+0.89%

 

Communication Services XLC

+0.39%

 

Consumer Discretionary XLY

+0.97%

 

Consumer Staples XLP

+0.43%

 

Energy XLE

+5.45%

 

Financials XLF

+1.86%

 

Health Care XLV

 

-0.40%

Industrials XLI

+2.35%

 

Materials XLB

+1.70%

 

Real Estate XLRE

+0.35%

 

Technology XLK

+0.76%

 

Utilities XLU

+0.54%

 

Breadth is positive on both the NYSE and Nasdaq, new highs are ripping, and advancers are far outpacing decliners.

Market Breadth

NYSE

NASDAQ

Advancing

2,519

2,470

Declining

549

1,046

52 Week High

135

223

52 Week Low

2

11

Up Volume

2.39B

1.59B

Down Volume

397.76M

719.85M

Economic Data

Empire Fed missed estimates, but the internals are encouraging. Employment rose again, while new orders numbers fell, but are still growing.

Empire State Manufacturing Survey

Oct

Nov

General Business

+10.5

+6.3

New Orders

+12.3

+3.7

Number of Employees

+7.2

+9.4


Comments
I tell everyone to watch your show - you are honest and strategic, and whenever you tell us what you are in - it is always going up - so I follow YOU - Thank you Charles!

VAL P on 11/16/2020 2:48:04 PM
After trading mostly options with a few stocks since June 2014 and having studied many educational online programs, I've never seen the S&P 500 sectors listed simply and completely so I can memorize their tickers. Greatly appreciated! I'm learning already. Well done indeed!

Jean Broida on 11/16/2020 4:28:15 PM
The way you listed all the S&P 500 sectors with their XL* tickers was great! I went ahead and memorized them. Some aren't so obvious so I invented mnemonics, for example: XLB (B = building = construction MATERIALS SECTOR). These are the basics I've been missing. Looking forward to the hour-long training coming up!
- Jean Broida, St. Louis, MO (referred by my bestie Carol Soppeland)

Jean Broida on 11/16/2020 4:55:06 PM
 

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