Wall Street Strategies
Hello! Sign in or Register

Afternoon Note

Some Didn’t Take The Bait

By Charles Payne, CEO & Principal Analyst
6/10/2021 1:39 PM

That was fast!  I'm talking about that relief rally that came even after inflation was much hotter than the street expected.  Wall Street consensus was already high for the CPI report, but cost climbed even faster and that initially rattled the market.

But then it turned around and rallied...and rallied fast.  There was a sense the train was leaving the station and a lot of folks got on board. 

The problem is a lot more didn't take the bait, and soon that bounce fizzled, and major indices drifted back to the flat line.  We are slightly higher, but without any real enthusiasm, and now I wonder if we might not close at a new high.

One thing that stands out is the leaking in Financials and Energy names as some cash in short term value trades and in Industrials and Materials on growing doubt of an infrastructure plan.

I remain in the Fed's camp on inflation.

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



Anyone who buys anything knows that inflation is way higher than the TV experts report.
The question is when will the markets crash. I suppose when Democrat leaders stop lying.

JERRY on 6/10/2021 3:49:10 PM

Log In To Add Your Comment

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.