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OPINION

The Market Anticipates Economy Reopening

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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AP Photo/Bebeto Matthews

You could call today’s session a random walk down Main Street, as the biggest percentage winners include auto dealers (KMX), casinos (MGM), retailers (ROST) and furniture makers (LEG).  This has everything to do with the growing anticipation of the economy opening across the country.  People need to get to work, and not only the earn money, but to feed their lives.  They need the accomplishment and the satisfaction that comes with being productive.

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The biggest winners today are Financials, especially regional banks and insurance names. Meanwhile, crude oil is getting crushed down 27%. And yet, the Energy sector is up on the session, led by refiners (which caught an upgrade before the opening bell) and Permian players.  Apple (AAPL) and Intel (INTC) are holding the Technology sector back after a report of delays in rolling out the new iPhone.

S&P 500 Index

+1.25%

Communication Services XLC

+0.84%

Consumer Discretionary XLY

+2.26%

Consumer Staples XLP

+0.31%

Energy XLE

+0.65%

Financials XLF

+3.01%

Health Care XLV

+1.12%

Industrials XLI

+1.98%

Materials XLB

+1.87%

Real Estate XLRE

+2.71%

Technology XLK

+0.62%

Utilities XLU

+1.59%

 

Our key resistance numbers are in play, which means the market will need to breakout soon or pullback to try again. 

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