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Afternoon Note

Dash to the Burbs

By Charles Payne, CEO & Principal Analyst
12/29/2020 1:08 PM

The major indices are flat to down after yesterday’s session.  It could be a simple profit taking.  It could also be a wait and see on if the Senate approves the $2,000 stimulus checks.  Here is my tweet to GOP Senators:

Charles V Payne @cvpayne

“You have a big decision. The old guard, rejected by Republican voters, says vote against $2,000 for Americans ravaged by an unimaginable crisis and ham-fisted lockdowns. These are folks want to work but cannot (5m jobs for 20m unemployed).

Vote $2,000 win Georgia.”

Seems like they are listening, or at least many are. Senator Hawley, Republican from Missouri tweeted “we’ve got the votes” and pushed for Senate Majority Leader Mitch McConnell to call for a vote today.

Meanwhile, McConnell has blocked the initial attempt to pass the $2k bill.  So, stay tuned.

On the housing front, the S&P Case-Shiller 20-city U.S. home price index increased 7.9% from the prior year and above market expectations of 6.9%. This is the biggest increase in home prices since June 2014, fueled by low interest rates and a mad dash, at least for now, out of the city to the suburbs.

Eight of the S&P 500 sectors are in the red, with Health Care the top performer and Energy once again underperforming.

S&P 500 Index

 

-0.10%

Communication Services XLC

+0.07%

 

Consumer Discretionary XLY

 

-0.31%

Consumer Staples XLP

 

-0.07%

Energy XLE

 

-0.77%

Financials XLF

 

-0.21%

Health Care XLV

+0.31%

 

Industrials XLI

 

-0.49%

Materials XLB

 

-0.18%

Real Estate XLRE

 

-0.52%

Technology XLK

 

-0.25%

Utilities XLU

+0.13%

 

Breadth is negative and decliners are outpacing advancers.  New highs however continue to charge ahead.

Market Breadth

NYSE

NASDAQ

Advancing

1,045

911

Declining

2,075

2,776

52 Week High

86

167

52 Week Low

4

20

Up Volume

699.94M

1.02B

Down Volume

994.31M

1.70B

 


Comments
The libs are moving to the Red states, and bringing Blue politics with them. Just heard Charles Schwab is moving corporate headquarters out of San Francisco to Texas. They will soon have all the problems California has, along with higher taxes.

Mike Moule on 12/29/2020 6:11:17 PM
Yep.  One part of the trend is a lot of companies where founders are still running the business are leaving and I think that has as much to do with legacy than taxes.  They want their companies in a place with decent morals and a steady future.  California is in a precarious place having crossed the Rubicon so long ago there is no why to turn it around.  CP

Charles Payne on 12/29/2020 8:55:45 PM
 

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