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Afternoon Note

Run of the Mill

By Charles Payne, CEO & Principal Analyst
11/9/2021 1:50 PM

The S&P 500 retreated from its all-time high achieved on Monday, falling for the first time in nine sessions. This session looks like the run of the mill profit taking, although we might be seeing the market wonder why yields are free falling.

Shares of Tesla (TSLA) are heading back down, sitting at its low of the session, adding pressure to Consumer Discretionary. PayPal (PYPL) led the losses in financials.

S&P 500 Index

 

-0.52%

Communication Services XLC

 

-0.42%

Consumer Discretionary XLY

 

-1.67%

Consumer Staples XLP

+0.26%

 

Energy XLE

 

-0.65%

Financials XLF

 

-1.01%

Health Care XLV

 

-0.46%

Industrials XLI

+0.07%

 

Materials XLB

+0.06%

 

Real Estate XLRE

+0.32%

 

Technology XLK

 

-0.59%

Utilities XLU

+0.51%

 

Breadth is decidedly negative across the board. There are, however, more 52-week highs than lows on both exchanges.

Market Breadth

NYSE

NASDAQ

Advancing

1,382

1,529

Declining

1,849

2,834

52 Week High

140

162

52 Week Low

27

65

Up Volume

810.20M

1.77B

Down Volume

1.40B

1.80B

Please tune in this afternoon at 2pm for “Making Money: New Investor Revolution”. It’s going to be a blast.

Let’s keep our powder dry.


Comments
Musk may be selling for tax purposes knowing they will be higher next year. What are the chances the market will take a big dump before the end of the year?

Richard Hidalgo on 11/9/2021 2:02:51 PM
 

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