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Afternoon Note

Next Squeeze

By Charles Payne, CEO & Principal Analyst
6/9/2021 2:03 PM

The S&P 500 traded just under its all-time high today. The index came within 1 point of its intraday record within the first two minutes of the session. The Nasdaq added 0.3% and the Dow Jones held steady around yesterday’s closing levels.

Six of the eleven S&P sectors are higher. Defensives are the best performers with Healthcare leading. Cyclicals are struggling with Industrials lagging.

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU




Crude stocks fell more than expected last week but product inventories rose significantly. WTI hovered around $70.50 ahead of the official inventory data. WTI is currently sitting at $69.67.

Energy Inventories



Crude Oil

-5.2 million

-2.0 million


+7.0 million



+4.4 million

+1.4 million

The meme trade is transforming into something, as investors continue to make waves in the broader markets. Over the last few sessions, we’ve seen big run-ups and falls in Clover Health (CLOV), ContextLogic (WISH), Clean Energy Fuels (CLNE), GEO Group (GEO) and even Wendy’s (WEN). Today, the rally started to fade, but some new names popped up intraday.


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