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Afternoon Note

Shiny Nose

By Charles Payne, CEO & Principal Analyst
12/30/2021 1:33 PM

Looks like Rudolph’s nose is shining and helping guide the major indices higher, albeit off their best levels. The beaten down Russell 2000 along with the Nasdaq are the best performers today, and the S&P is at another intraday high.

Currently,  five of the eleven S&P 500 sectors are lower with Consumer Discretionary leading and Staples lagging.

S&P 500 Index

0.15%  

Communication Services XLC

+0.51

 

Consumer Discretionary XLY

+0.84

 

Consumer Staples XLP

 

-0.25

Energy XLE

 

-0.14

Financials XLF

0.00

 

Health Care XLV

+0.23

 

Industrials XLI

 

-0.20

Materials XLB

 

-0.18

Real Estate XLRE

+0.06

 

Technology XLK

+0.06

 

Utilities XLU

 

-0.09

 

Breadth is positive and almost 3-1 on the Nasdaq but 52-week lows still reign.

Market Breadth

NYSE

NASDAQ

Advancing

2,065

3,080

Declining

1,186

1,308

52 Week High

141

96

52 Week Low

48

135

Up Volume

1.07B

1.63B

Down Volume

4.11.53M

328.39M

Cruise stocks are under pressure after the CDC issued a warning to “avoid cruise travel, regardless of vaccination status."  Speaking of vaccines, Johnson & Johnson (JNJ) said its booster is 85% effective against Omicron hospitalization in South Africa.

WTI is up, trading at $76.88, while the 10-year yield is relatively flat at 1.52%, and the greenback is up slightly to $96.10.

Chicago PMI

The Chicago Business Barometer rose to 63.1 in December 2021 vs expectations of 62 and was up from 61.8 in the prior.

Chart, bar chartDescription automatically generated

Highlights:

However, employment declined to the lowest since June.  Supply chain issues for both labor and raw material shortage continue to weigh, contributing to the lowest order backlog for the year.  

 

 


 

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