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Afternoon Note

Soaring

By Charles Payne, CEO & Principal Analyst
1/7/2021 1:29 PM

The markets are soaring today.  The Nasdaq is the best performer up 2.25%, followed by the S&P 500 +1.4% and the Dow +0.77%. The intraday high of the 13049.48 for the Nasdaq, 3810.96 for S&P500, and 31193.40 for the Dow now becomes resistance.

Eight of the 11 S&P 500 sectors are in the green.  Rotation has taken investor back into Technology, which is the best performer followed by Consumer Discretionary. The safe havens are pulling back and are the 3 sectors in the red today.

Let's see if we can break through resistance.

S&P 500 Index

+1.35%

 

Communication Services XLC

+1.02%

 

Consumer Discretionary XLY

+1.90%

 

Consumer Staples XLP

 

-0.45%

Energy XLE

+1.32%

 

Financials XLF

+1.54%

 

Health Care XLV

+1.10%

 

Industrials XLI

+0.43%

 

Materials XLB

+0.97%

 

Real Estate XLRE

 

-0.14%

Technology XLK

+2.32%

 

Utilities XLU

 

-1.05%

 

Breadth is almost 3-1 for advancers and up volume is close to 6-1 down volume on the Nasdaq.

Market Breadth

NYSE

NASDAQ

Advancing

1,793

2,702

Declining

1,333

1,036

52 Week High

347

457

52 Week Low

5

6

Up Volume

1.76B

3.21B

Down Volume

666.99M

538.55M

ISM non-manufacturing PMI

December’s ISM non-manufacturing PMI rose to 57.2% from 55.9% in November, topping estimates for 54.6%.  This was the best growth in three months for the services sector.  New orders grew faster, inventories picked back up, and pressure from rising prices eased.

“According to the Services PMI™, 14 services industries reported growth. The composite index indicated growth for the seventh consecutive month after a two-month contraction in April and May. In December, a slight uptick in the rate of services-sector growth continued. Respondents’ comments are mixed about business conditions and the economy. Various local- and state-level COVID-19 shutdowns continue to negatively impact companies and industries. Applicable human resources, production capacity and logistics have been more constrained than during the previous month. Most respondents are cautiously optimistic about business conditions with the recent approval and impending distribution of vaccines,” stated Anthony Nieves, Chair of the ISM Services Survey Committee.

 


 

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