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Afternoon Note

Deep Freeze

By Charles Payne, CEO & Principal Analyst
2/16/2021 2:20 PM

It’s a mixed session with the Dow up, but well off its high, the S&500 relatively flat, and the Nasdaq has turned negative after each reached record highs intraday. Bitcoin is on a tear, and it was up above $50,000 before retreating a bit.  

On the S&P 500, only 5 sectors are in the green, with Energy outperforming again, as the latest cold and deep freeze has left some cities with blackouts.  WTI crude is near a one year high at  $59.94. The storms and cold weather have disrupted production in the US and caused many refineries to shut down.

Financials are the second-best performer as the benchmark U.S. 10-year Treasury trades up above 1.29%. This is the highest level in a year.  

The decline in new Covid-19 cases, coupled with more vaccine rollouts is helping the global economic recovery optimism and propel yields.  The Biden administration announced it is increasing the supply of Covid-19 vaccines to the states to 13.5 million per week, and it is doubling the amount provided to pharmacies to 2 million doses per week.

S&P 500 Index

+0.04%

 

Communication Services XLC

+0.62%

 

Consumer Discretionary XLY

 

-0.10%

Consumer Staples XLP

 

-0.24%

Energy XLE

+2.63%

 

Financials XLF

+1.74%

 

Health Care XLV

 

-1.07%

Industrials XLI

+0.06%

 

Materials XLB

+0.09%

 

Real Estate XLRE

 

-1.49%

Technology XLK

 

-0.14%

Utilities XLU

 

-1.22%

 

Breadth is mixed, with advancers leading on the Nasdaq, however the up volume exceeds the down on both the Nasdaq and the NYSE.

Market Breadth

NYSE

NASDAQ

Advancing

1,565

2,076

Declining

1,687

1,913

52 Week High

356

579

52 Week Low

7

13

Up Volume

1.83B

2.80B

Down Volume

1.09B

1.82B

 


Comments
Thank you Charles for standing up for what is right and not backing down when faced with loud mouths.

John F Backus on 2/16/2021 2:44:36 PM
Appreciate your written and oral commentaries Charles.

William M Herr on 2/16/2021 3:14:11 PM
 

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