Afternoon Note
Consumer discretionary is the best performing sector in today’s session trailing only utilities. This on the day Harley Davidson is getting hammered. But these days, consumer discretionary isn’t motorcycles or malls, its more sedentary.
Case in point, we were watching a movie last night and the star had on the coolest sunglasses. So even as the credits were rolling, we’ve ordered those sunglasses. The chain of events involved components which are driving the XLY higher today:
The XLY should easily form a double top at 92.20, then breakout and make a run in the second half of the year to 100.00.
The rest of the market beyond those tech/consumer names that are driving the NASDAQ are mostly looking to hang for the remainder of the session. I think reaction to financials are overdone, but during earnings season, knee-jerk reactions and selling are par for the course.
I’m impressed with the early moves off intraday lows, but just not sure it can build from here. It would be more than a moral victory if earlier lows hold, but when earnings come out against the backdrop of a market at all-time highs, it’s hard to find a catalyst.
Sector Performance |
% Change |
|
---|---|---|
S&P 500 Index |
-0.05% |
|
Consumer Discretionary (XLY) |
+0.39% |
|
Consumer Staples (XLP) |
+0.11% |
|
Energy (XLE) |
-0.32% |
|
Financials (XLF) |
-0.55% |
|
Health Care (XLV) |
-0.05% |
|
Industrials (XLI) |
-0.26% |
|
Materials (XLB) |
-0.45% |
|
Real Estate (XLRE) |
+0.09% |
|
Technology (XLK) |
+0.10% |
|
Utilities (XLU) |
+0.29% |
Comments |
Charles you are right on, as always...my daughter and I ordered sunglasses, online, because we saw a major star wearing them...while the star was out shopping!! I'm no youngster and never would believe that I would purchase sunglasses without trying on them first!! However, they happen to be perfect! Lydia Zaris on 7/19/2017 7:49:41 AM |
Please come. BACK Hope you & your family can come together Paul Vallon on 7/20/2017 3:51:44 PM |
Tweet |
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