Morning Commentary
By Charles Payne, CEO & Principal Analyst
9/14/2021 9:23 AM
Yesterday, after five consecutive down sessions, the market could have packed it in when an early rally began to fade. The S&P 500 and NASDAQ Composite rolled over into the negative column, but buyers finally arrived. So, after watching a lot of NFL Football announcers describe an avalanche of accolades-inducing Marque players being courageous and gutsy, I’ll show some restraint and say it was an encouraging session.
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S&P 500 Index |
+0.23% |
|
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Communication Services XLC |
+0.25% |
|
|
Consumer Discretionary XLY |
+0.25% |
|
|
Consumer Staples XLP |
+0.25% |
|
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Energy XLE |
+2.87% |
|
|
Financials XLF |
+1.14% |
|
|
Health Care XLV |
-0.62% |
|
|
Industrials XLI |
+0.26% |
|
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Materials XLB |
-0.02% |
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Real Estate XLRE |
+0.56% |
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Technology XLK |
+0.03% |
|
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Utilities XLU |
-0.18% |
Market breadth was ho-hum, as there were more 52-week lows than highs.
|
Market Breadth |
NYSE |
NASDAQ |
|
Advancing |
2,066 |
2,218 |
|
Declining |
1,234 |
2,167 |
|
52 Week High |
88 |
81 |
|
52 Week Low |
36 |
91 |
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Up Volume |
2.74B |
2.55B |
|
Down Volume |
1.13B |
2.05B |
Dark Days of Crude
Yesterday, oil stocks dominated the session, but they underperformed mightily against the S&P 500 over the past five years. During that period, the S&P 500 +106%, Energy (XLE) -11%.
There is no way crude oil stocks should be that far behind the broad market, but for political reasons, as deep-pocketed investors continue to shun them in order to appear as if they are Environmental, Social, and Governance (ESG) compliant (very few are).
SPDR Select - Energy
Portfolio Approach
There are no weighting changes this morning to the Hotline Model Portfolio.
Today’s Session
There were some key declines in parts of the CPI report on month-to-month basis:
- Airfares -9.1%
- New Vehicles -1.5%
- Car/Truck Rental -8.5%
- Lodging away from home -2.9%
Monthly CPI +0.3% consensus +0.4%
Lowest in seven months
Yearly CPI core +4.0% consensus 4.2%
The headlines put some pep into the market, but those gains are fading a bit. Lately, the market has opened firmly only to stumble into the close.
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| 9/16/2021 1:26 PM | Uncertainty in the Market |
| 9/16/2021 9:44 AM | CAN SMALL-CAPS COME UP BIG? |
| 9/15/2021 1:34 PM | Testing Will Of Investors |
| 9/15/2021 9:31 AM | INFLATION’S IRON GRIP |
| 9/14/2021 1:23 PM | Erased Quickly |
| 9/14/2021 9:23 AM | MORE GUSHY THAN GUTSY |
| 9/13/2021 1:54 PM | Back to See-Saw Moves |
| 9/13/2021 9:37 AM | Get the Red Out |
| 9/10/2021 1:29 PM | Buyers Emerge Ahead Of Weekend |
| 9/10/2021 10:12 AM | THE BIG GOVERNMENT MANDATE |
| 9/9/2021 1:30 PM | Failure to Launch |
| 9/9/2021 9:40 AM | SLIPPING BUT WON’T FALL |
| 9/8/2021 1:28 PM | Last Week of Summer |
| 9/8/2021 9:30 AM | LET US KNOW WHEN SUMMER IS REALLY OVER |
| 9/7/2021 1:29 PM | Eclectic Mix of Winners |
| 9/7/2021 9:42 AM | MEGA-CAP CHARGE |
| 9/7/2021 8:27 AM | Payne's Perspective: September 7, 2021: Time To Go To Work |
| 9/3/2021 1:08 PM | Labor Day |
| 9/3/2021 9:40 AM | INTERNALS IMPROVE |
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