Afternoon Note
The market came out the gate with gusto. But even in the pre-opening action, it was clear Technology stocks would have a tougher go of things.
Sure, they popped on that “benign” CPI report, but now everyone is watching for the bond auction that was an unmitigated train wreck in February. This sent stocks pulling the entire market lower -totally out of control.
Perhaps, this is why investors have given up the ghost on tech but are holding onto old school stuff that worked even when their parents were in the market.
On the flipside, nothing is galloping away, which is intriguing considering in each session there is one or two sectors that sizzle when the rest mostly meander.
Financials act nice and Materials seem to be looking past stimulus to the infrastructure ideal.
S&P 500 Index |
+0.58% |
|
Communication Services XLC |
+0.36% |
|
Consumer Discretionary XLY |
+0.13% |
|
Consumer Staples XLP |
+0.99% |
|
Energy XLE |
+0.96% |
|
Financials XLF |
+1.60% |
|
Health Care XLV |
+0.91% |
|
Industrials XLI |
+1.15% |
|
Materials XLB |
+1.62% |
|
Real Estate XLRE |
+0.80% |
|
Technology XLK |
-0.14% |
|
Utilities XLU |
+0.79% |
Although it feels like the NASDAQ is taking its lead from volatility in GameStop (GME), I think the niche that needs to firm up are the computer chip makers (semiconductors) whose shares continue to be exceedingly weak and unable to maintain rallies that in the past would have seduced more buyers.
Comments |
Thanks for the update Charles. Lorin K on 3/10/2021 2:03:41 PM |
Concrete, steel, rubber...powerful breakfast for a day’s work! Jim on 3/10/2021 2:36:08 PM |
Charles, I think best to buy BTC by dollar cost avg method with regular measured purchases. Began after your segment w/ Flori. Burch on 3/10/2021 2:46:00 PM |
Tweet |
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