Afternoon Note
I have to say, I am very impressed with today’s session. An early rally faded fast, but it found a way to put on the brakes. When we did not force the issue at the open, we suspected the first rally attempt would fizzle in part to this growing sense the market is due for a pullback.
So, the fear of riding a dip is a little larger than fear of missing a big upside pop. And yet, the market held at the momentum it was most vulnerable this morning.
The better news is the S&P 500 is taking out this morning top. This has been an impressive session that needs to keep going. At some point, the pendulum swings back to fear of missing out.
SPX
Mega growth names are powering Technology, Communication Services and Customer Discretionary higher. The rest of the market could sag, and the index might still finish higher, but that doesn’t matter today. Even the loan decliner, Energy, is well off the lows.
S&P 500 Index |
+1.60% |
|
Communication Services XLC |
+1.91% |
|
Consumer Discretionary XLY |
+2.10% |
|
Consumer Staples XLP |
+0.29% |
|
Energy XLE |
-0.24% |
|
Financials XLF |
+0.85% |
|
Health Care XLV |
+0.84% |
|
Industrials XLI |
+0.86% |
|
Materials XLB |
+0.10% |
|
Real Estate XLRE |
+1.36% |
|
Technology XLK |
+2.73% |
|
Utilities XLU |
+1.03% |
Comments |
Naples, FL: Joined last week, followed you for many years now. Impressive, concise and to the point. Valuable information. Well done Mr. Payne. Gene Oberhauser on 2/1/2021 2:50:20 PM |
ok charles...i know you don't like me bashing the financial media but don't doubt me...someday somebeachsomehere when the millenials learn the stock market they are going to realize what a ces pool the financial media is ( not you so dont take it personal ) and they are ging to want change...what happens and how it happens i have no clue.. the wave is coming their way prettydirect on 2/1/2021 3:14:57 PM |
FLGT had a great rally Tommy on 2/1/2021 4:31:38 PM |
Nice to have kinda normal up day. Lorin K on 2/1/2021 5:24:43 PM |
Tweet |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
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4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
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