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Afternoon Note

Mostly Sideways

By Charles Payne, CEO & Principal Analyst
1/14/2021 2:14 PM

Equities have been most sideways in today’s session but are off the highs from this morning. The Nasdaq and the DOW are at record highs. Commodities are gaining strength.  Chevron (CVX) was upgraded at a couple of firms this morning and is trading at a six-month high and helping lift others in the space. Energy is the best performing sector today, up over 3%. WTI is up a half a percent to $53.15 per barrel.  

Fed Chair Powell is still speaking, which has not really moved the markets in any significant direction, as he stressed that there will not be an increase in the fed funds rate anytime soon. The 10-year U.S. Treasury is relatively flat and trading at 1.09%.  Bitcoin however is gaining again after being down the last couple of days.  Real estate and Financials are the next best performers.

President Elect Biden will show case his infrastructure plans tonight at 7:30pm ET.  He should ask for the moon, especially in light of the current circumstances and mood of the nation when it comes to Congress.  Industrials are moving in anticipation.

Technology is lagging today, although semiconductors are continuing to move higher hitting record highs. FAANG is generally lower with Amazon (AMZN) hitting resistance at its 50-day moving average and FB is below it 200-day. 

S&P 500 Index

+0.11%

 

Communication Services XLC

 

-0.08%

Consumer Discretionary XLY

 

-0.12%

Consumer Staples XLP

 

-0.35%

Energy XLE

+3.13%

 

Financials XLF

+0.77%

 

Health Care XLV

+0.27%

 

Industrials XLI

+0.71%

 

Materials XLB

+0.10%

 

Real Estate XLRE

+0.96%

 

Technology XLK

 

-0.34%

Utilities XLU

 

-0.30%

 
Breadth is decidedly positive with up volume far exceeding down volume, and new 52-week highs continue to rock.
 

Market Breadth

NYSE

NASDAQ

Advancing

2,373

2,809

Declining

776

984

52 Week High

310

534

52 Week Low

3

5

Up Volume

2.27B

2.65B

Down Volume

576.05M

1.47B

 


Comments
Charles... do you think that Biden's relief plan to be announced tonight is priced in? Surely... lol. Would love to hear your thoughts. Thanks.

Mark on 1/14/2021 2:58:25 PM
I think $2.0 trillion high end is still questionable enough for Wall Street that it would be seen as fresh fodder to move higher- but anything above that would really send the market to the moon. CP

Charles Payne on 1/14/2021 3:09:16 PM
Charles, I'm currently reading your book. I know you advocate for buying individual stocks, and on today's show, you said we should be in EV stocks. Tesla is very expensive! Are there any other good EV stocks to buy? Thank you!

Deanna on 1/14/2021 7:21:56 PM
Charles-I heard some of the folks on Fox Biz regarding Twitter, etc. being described as private companies which I don’t think they are. They are public traded companies so where is the Securities & Exchange Commission & FTC as to their bad behaviors. Thanks for fighting the good fight!

Dave Daubard on 1/15/2021 8:30:59 AM
 

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