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Afternoon Note

Choppy Session

By Charles Payne, CEO & Principal Analyst
2/11/2021 1:43 PM

Stocks traded choppily as investors digested a host of earnings results and next moves from policymakers to support the economy. The Dow Jones failed to hold early gains with only 8 stocks in the green, led by Intel (INTC) who is drifting towards the $60 level. The S&P 500 retreated about 0.15% whilst the Nasdaq is flat.

Among the notable market moves this morning, Bitcoin (BTC) rose to a new record high, driven by additional signs of broader private sector adoption of the cryptocurrency as a potential medium of exchange.

Energy paired gains as OPEC said it expects demand for crude to rise by 5.8 million barrels a day in 2021, down 100k barrels from its January forecast. Technology is the only sector in green with semiconductors leading. A group of U.S. chip companies sent a letter to President Biden urging him to provide “substantial funding for incentives for semiconductor manufacturing.”

S&P 500 Index

 

-0.29%

Communication Services XLC

 

-0.54%

Consumer Discretionary XLY

 

-0.39%

Consumer Staples XLP

 

-0.18%

Energy XLE

 

-3.36%

Financials XLF

 

-0.86%

Health Care XLV

 

-0.05%

Industrials XLI

 

-0.96%

Materials XLB

 

-0.59%

Real Estate XLRE

 

-0.44%

Technology XLK

+0.56%

 

Utilities XLU

 

-0.47%

Breadth is bearish this afternoon with down volume on the Nasdaq 2-1 ratio.

Market Breadth

NYSE

NASDAQ

Advancing

1,201

1,536

Declining

1,997

2,342

52 Week High

213

398

52 Week Low

5

7

Up Volume

662.16M

2.12B

Down Volume

1.52B

5.03B

We have taken a couple of profits this morning and are up in cash. 


Comments
watched your show today I record & watch later was really impressed with the young man Smith. he's really a fantastic young christian. please send me info on him. love your show & tell others watch

william slutz on 2/11/2021 6:58:03 PM
Thank you so much William.  I really appreciate it very much.  Here is the info to make a donation to Rodney's charity.  CP weareraisingmen.com/donate/

Charles Payne on 2/11/2021 7:05:07 PM
Charles I’m a new subscriber but try to catch your noon show our time here in Denver I like your comments and stock picks.

Bullock Van on 2/12/2021 10:03:15 AM
Sincerely appreciate your "Research" and informative guests.

Steven D Hungerford on 2/12/2021 2:23:05 PM
 

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