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Afternoon Note

Great Way to End a Period of Wild Gyrations

By Charles Payne, CEO & Principal Analyst
10/15/2021 1:44 PM

This is a great way to end two-week period of wild gyrations which shook out a lot of weaker hands.

The S&P 500 rallied after forming a reverse head and shoulders formation, which is one of my favorite formations and overwhelmingly bullish.

Chart, histogram

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Leadership is still with large caps. Part of the problem with growth stocks is weakness in Communication Services (XLC) because of Facebook (FB), and to a lesser extent other names that could be facing regulatory scrutiny.

Chart

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Earnings shifted away from financials. Next week we will hear more about supply chain issues etc.

Now that the S&P 500 is back above its 50-day moving average, the next test is forming and breaking out through a double top.


Comments
I miss your winners and losers segment during your Friday shows.

Dick Hoffman on 10/17/2021 4:45:27 AM
 

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