Afternoon Note
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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