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Afternoon Note

Trying to Snap Losing Streak

By Charles Payne, CEO & Principal Analyst
2/19/2021 2:25 PM

The major indices have come off their highs and now the Nasdaq and S&P500 have slipped into negative territory.  They were trying to buck a 3 day losing streaks.  Let’s see if that can happen. 

Industrials are the best performing sector today on the heels of Deere’s (DE) earnings.  US Manufacturing PMI slowed in February to 58.5 from 59.2 in January, but it is still solid growth.  Production and new orders weakened, but client demand remained strong. Inflationary pressures also increased.  Newly created job rose at the fastest pace since December 2017.  Meanwhile, the services PMI rose to 58.9 from 58.3, the highest since March 2015.

S&P 500 Index

 

-0.04%

Communication Services XLC

 

-0.97%

Consumer Discretionary XLY

 

-0.23%

Consumer Staples XLP

 

-0.49%

Energy XLE

        +0.90%

 

Financials XLF

        +1.05%

 

Health Care XLV

 

-0.81%

Industrials XLI

        +1.64%

 

Materials XLB

        +1.22%

 

Real Estate XLRE

        +0.74%

 

Technology XLK

 

          -0.43%

Utilities XLU

 

-0.74%

 

Advancers are in control today with the up volume blowing away the down.  New highs are also impressive.

Market Breadth

NYSE

NASDAQ

Advancing

2,292

2,857

Declining

901

1,087

52 Week High

190

250

52 Week Low

5

5

Up Volume

1.90B

3.32B

Down Volume

677.66M

887.13M


Housing

January Existing home sales were stronger than expected +0.6% vs estimates for -2.4% to 6.69 million units, as the move to buy homes continues.  December was also revised higher to +0.9% from+ 0.7%. Year over year, sales increased 23.7%, and median home prices are up 14.1% to $303,900. Inventory is continuing to decline, down 25.7% from the prior year to 1.04 million and is now at 1.9-month supply, a record decline.

Highlights Versus Prior Year:

 Sales based on price:

Have a great weekend. Stay safe and warm.


Comments
My biggest concern is that I took advantage of the Covid dip beginning last March and greatly expanded my portfolio. I added positions throughout the year but worry that the market will crash prior to the positions reaching 1 year and if I sell it will be short term taxes . . . I'm not happy with the current administration and fear I will suffer huge losses.

Michell Anne Kimball on 2/19/2021 4:47:29 PM
Thanks as always! Just bought your book and video. I am a more than novice investor, retired 55 yr old. Spend most of my day and night digesting everything I can Market related. Hoping your book helps me kick it up a notch!!!

Thank you for looking out for us regular Joes.

Wally Geising
Buffalo NY

Walter Geising on 2/19/2021 11:37:59 PM
I am just getting started.

Karl H Studinger on 2/20/2021 2:22:41 PM
 

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