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Afternoon Note

Market Marks Time

By Karina Hernandez, Senior Research Analyst
1/19/2022 1:53 PM

After a massive selloff yesterday, the markets have fluctuated between gains and losses in today’s session. The first rally attempt failed, which was expected. We are impressed there has been a second try, but still, nobody is taking the bait.

Treasuries are pulling back, but the 10-year note neared 1.9% earlier today. Commodities are also higher with Aluminum reaching a record high and above $3,000/tonne and Copper heading again towards $10,000/tonne.

A big move in the WTI market today with the soon to expire February contract (Friday) rallying quite a lot above the March contract.

Consumer Staples is leading in today’s session driven by Procter & Gamble’s (PG) earnings results this morning, which beat consensus and raised its full-year guidance.

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



It’s going to be interesting to see if this bounce settles into the close.  Most indices are still under their 50-day moving average with Nasdaq within striking distance of a correction.


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