Fat Loser Generals Can Get Bent
NJ Dem: I Wish Wiping Out ICE Was As Easy As Removing an...
Who Are the Real Kings?
Nobody Asked for This: The IRS’s Plan to Take Over Tax Filing
Louvre Heist Encapsulates a Western Culture That Will Not Defend Itself
When 'Fact-Checkers' Are Weaponized Partisan Public Relations
With China and Trade, America Is Winning Again
The Trends in New Jersey and Virginia
'Gates of Hell?' More Like a House of Cards: Iran’s Bluster Does Not...
Do Palestinian Lives Matter?
Accountability Matters
Trump's Triumph: Derailing the UN's Global $13 Billion Carbon Tax Slush Fund
Why Birthright Citizenship Should Not Extend to Illegal Immigrants
DOJ: Guatemalan Man Faces Federal Charges in Tractor-Trailer Crash That Killed 50+ Illegal...
Federal Court Strikes Down Gender Identity Mandates on States, Health Care Providers
OPINION

Oil Still Short Of Recovery

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
AP Photo/Vahid Salemi, File

It is a solid session, as many folks are away, and volume is extremely light.

More weak economic data this morning added more fuel to the rally that clearly sees the Federal Reserve being pushed back further with respect to tapering.  I think they are years away from hiking rates.

Advertisement

Markits Flash PMI Data

Actual

Estimate

Manufacturing

61.2

62.5

Services

55.2

59.2

Composite

55.4

58.3

Well, that defensive move I wrote about this morning is reversed today.  Mega cap growth continues to act great and there is a bounce in cyclical names. I question how sustainable that could be near term.  I get the notion that there is greater hope for an uptick in vaccinations after the Pfizer news, but it’s not going to happen overnight.

Existing home sales eked out in front of estimates but it’s Tesla (TSLA), casino, and brick and mortar retailers that are setting the pace. 

S&P 500 Index

+0.99%

 

Communication Services XLC

+1.44%

 

Consumer Discretionary XLY

+1.25%

 

Consumer Staples XLP

 

-0.05%

Energy XLE

+3.63%

 

Financials XLF

+1.11%

 

Health Care XLV

+0.37%

 

Industrials XLI

+1.13%

 

Materials XLB

+1.07%

 

Real Estate XLRE

 

-0.43%

Technology XLK

+1.19%

 

Utilities XLU

 

-1.27%

 

Oils Not Well…Yet

West Texas Intermediate (WTI) is making a nice bounce but still a very ugly chart.  I’m not convinced it’s time to add to existing positions or start fresh positions. 


Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement