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Afternoon Note

Finally!

By Charles Payne, CEO & Principal Analyst
4/23/2021 1:48 PM

Earnings have come to the rescue, helping the market bounce back from that nasty sideswipe from the Biden administration trying to test the attitude for the world's highest capital gains tax.  The PG-version of Wall Street's answer was "no thanks."

So, now back to the business of fundamentals, as lots of hyped niches of the market continue to come down including crypto which is getting slammed.  I am opening a CoinDesk account soon and will let you know when I buy - only as a curiosity as I cannot tell anyone to buy or sell.

I am loving the action in good old-fashioned blue-chip names. We have been overweight and it’s paying off. 

The market also reacting to strong economic data.

The IHIS Markit US Manufacturing PMI in April rose to 60.6, up from 59.1 in March, topping estimates of 60.5. 

There was record highs in in manufacturing and services activity.  However, a lack of raw materials led to a decrease in production capacity. Delays in ports, coupled to supply chain disruptions added to capacity issues. The good news is that the backlog increased substantially. 

I would only quibble with volume - still concerned it is too low.

Market Breadth

NYSE

NASDAQ

Advancing

2,541

2,899

Declining

692

1,102

52 Week High

205

93

52 Week Low

8

22

Up Volume

1.32B

1.76B

Down Volume

284.93M

368.04M

 

One thing to remember is new highs beget new highs.


 

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