Wall Street Strategies
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Afternoon Note

Buyers Stepping In

By Charles Payne, CEO & Principal Analyst
1/11/2021 1:52 PM

The major indices continue to trade in the red, however off the lows of the morning, as once again, buyers stepped in.  The Nasdaq is underperforming today as some Technology is a drag, especially the mega cap tech names.  Twitter (TWTR) banning President Trump has caused selling/profit taking in the stock, which is down over 4%, but again way off the lows.  Currently, there are protesters at Twitter’s headquarters in San Francisco. 

It’s a different story for semiconductors, however.  News that Nvidia (NVDA) is teaming up with NIO (NIO), the Chinese Electric Vehicle (EV) company, has sent NVDA shares up 5% and NIO up almost 10%, as investors continue to buy up EV.

Energy is the best performer today.  Exxon Mobil (XOM) is helping to lift the sector after being upgraded by Morgan Stanley to Overweight from Equal Weight. Healthcare is also having a nice showing on upbeat guidance from several companies participating at the JPMorgan Health Care Conference.

Real Estate and Utilities, which are sensitive to interest rates, are down 1.5% and 1.3%, respectively, as the 10-year Treasury yield continues to rise and is now at 1.13%.

S&P 500 Index

 

-0.24%

Communication Services XLC

 

-1.09%

Consumer Discretionary XLY

 

-1.06%

Consumer Staples XLP

 

-0.47%

Energy XLE

+1.82%

 

Financials XLF

+0.36%

 

Health Care XLV

+0.49%

 

Industrials XLI

+0.18%

 

Materials XLB

+0.31%

 

Real Estate XLRE

 

-1.54%

Technology XLK

 

-0.24%

Utilities XLU

 

-1.27%

 

Advancers are outpacing decliners on the NYSE, and almost even on the Nasdaq.  Up volume and 52-week new highs tell a very different story, as both are up.  On the Nasdaq, up volume outpaces down by 2.5 times.

Market Breadth

NYSE

NASDAQ

Advancing

1,317

1,871

Declining

1,839

1,894

52 Week High

149

219

52 Week Low

3

5

Up Volume

1.30B

2.91B

Down Volume

923.24M

1.20B

 


Comments
All of this targeted censorship and cancel culture activity is rattling our constitutional rights to the core. Iím no tech genius by any means but it seems the loss of followers by you and Maria B is occurring one of two ways. User is getting kicked off or unfollowing. I would bet my next paycheck you could count your unfollowers on one hand. Watching your show, all the rhetoric about how outrageous this has become is okay but I donít see any strategic moves that the conservative voice can implement without getting bulldozed! It seems like out of 74 million President Trump canít be the only one with enough clout to stand up and speak out! Iím damn tired of listening to an idiotic 80 year woman and a supervised 88 year old!
Feeling helpless.

Steve M on 1/11/2021 3:14:01 PM
Real Estate should be down. The developments are not "free market" as intended. The citizens are supposed to have a say in the growth and do not. The roads are built without drainage, parking, sidewalks, traffic lights, and then the developers leave the citizens stuck with the bill. Our politicians are making a profit on that through the back door and getting installed to higher office.

Karen Marlatt on 1/14/2021 2:47:35 PM
 

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