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Afternoon Note

Narrow Range

By Charles Payne, CEO & Principal Analyst
2/10/2021 1:31 PM

Major indices trading in a very narrow range. Market breadth sees similar amounts of advancers and decliners but a substantially higher number of new highs to new lows.  Up volume on the NASDAQ continues to be a juggernaut.  There is no doubt, when it comes to conviction, it’s all on the side of buyers.

 Market Breadth

NYSE

NASDAQ

Advancing

1,639

1,828

Declining

1,537

2,072

52 Week High

278

582

52 Week Low

2

16

Up Volume

1.39B

3.88B

Down Volume

1.04B

2.05B

Once again, major market indices belie what’s happening in the broad market. Breadth remains firmly bullish, and eight sectors are higher, while only three are lower.  Of course, anytime Technology and Consumer Discretionary are down, there is a chance the S&P 500 will be lower as well.

S&P 500 Index

 

-0.13%

Communication Services XLC

+0.23%

 

Consumer Discretionary XLY

 

-1.10%

Consumer Staples XLP

 

-0.08%

Energy XLE

+1.60%

 

Financials XLF

+0.13%

 

Health Care XLV

+0.28%

 

Industrials XLI

0.00%

 

Materials XLB

+0.14%

 

Real Estate XLRE

+0.60%

 

Technology XLK

 

-0.32%

Utilities XLU

+0.14%

 
 

Pockets of unbridled Excitement

Marijuana stocks are sizzling today, but 3D stocks are down big.  There is a hot money crowd that continues to chase performance, which is fine with me, but understand there are amazing long-term opportunities in several of these investment niches. 

You can play them both ways, although investors should now wait for pullbacks and use this time to zero in on names with the best fundamentals.

Speaking of unbridled excitement, all ears will be focused on Jerome Powell at the New York Economic Club at 2PM.  Powell must convince investors he does not see inflation, and even when he does see it, the Fed will not hike rates for several years – no matter what.

I’m cool with today’s gyrations.  The rally needs to consolidate gains and weak hands need to be shaken out.  


Comments
As always Charles, thanks for your insightful commentary!

mike on 2/10/2021 2:45:08 PM
Look forward to your commentary.
Is there a way to listen to your past interviews with CEO's on your "Making Money" show on FBN?

Mohan on 2/10/2021 2:54:49 PM
You are a shining light in the dark, may God always bless you

Wilfriede Foy on 2/14/2021 3:55:18 PM
 

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