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Todayβs Summary
Thursday, February 1, 2024
Indices: Russell 2000 +1.39% | S&P 500 +1.25% | Nasdaq +1.21% | Dow +0.97%
Sectors: 10 of the 11 sectors closed higher. Consumer Staples led gaining +2.04%. Energy lagged, but it barely closed lower (-0.01%).
Commodities: Crude Oil futures dropped -2.68% to $73.82 per barrel. Gold futures rose +0.18% $2,071 per oz.
Currencies: The US Dollar Index dropped -0.43% $103.07.
Crypto: Bitcoin rose +1.21% to $43,071. Ethereum rose +0.95% to $2,303.
Volatility: The Volatility Index fell -3.28% to 13.87.
Interest Rates: The US 10-year Treasury yield dropped to 3.882%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today, Eli Lilly $LLY surpassed Tesla $TSLA in market capitalization. Is it time to kick Tesla out of the Magnificent 7? pic.twitter.com/KsjDshupoE
— Sam Gatlin (@sam_gatlin) February 2, 2024
π Todayβs Chart of the Day was shared by Sam Gatlin (@sam_gatlin).
- The chart shows the year-to-date performance of the Magnificent 7 stocks plus Eli Lilly ($LLY).
- The Magnificent 7 stocks are starting to go their separate ways. $NVDA was the strongest stock in the S&P 500 last month, while $TSLA was the weakest.
- Eli Lilly ($LLY) surpassed $TSLA in market cap today, making it the new 7th largest stock.
The takeaway: $NVDA is leaving the rest of the Magnificent 7 in the dust, and $LLY is now larger than $TSLA.
Quote of the Day
βYou never get a bubble until the public, the brokerage community, the financial institutions, the pension funds, and even the universities are all involved.β
β Arnold Van Den Berg
Top Links
No Rate Cuts In March β Trading Adventures
Andy Moss reviews the busy week weβve had thus far.
As Goes January, So Goes the Year? The Bulls Hope So. β Carson Group
Ryan Detrick shares his perspective on the January Barometer.
Buyers Lift the Offer for Bonds β All Star Charts
Ian Culley examines what could be next for Treasury bond yields.
Advanced Micro Devices (AMD) Attempting HUGE Fibonacci Breakout! β Kimble Charting Solutions
Chris Kimble break down a long-term chart of Advanced Micro Devices ($AMD).
Top Tweets
Dow Jones Industrials hit another all-time high today pic.twitter.com/i5b2DKnXaD
— Barchart (@Barchart) February 2, 2024
Interesting set of sector leadership today…. Utilities, followed by Real Estate, then Consumer Staples
All defensive sectors taking the lead during today's rally pic.twitter.com/5GEXtvw8Ed
— Dash, CMT, CFP (@Dash_charts) February 1, 2024
$XLP best day in more than a year pic.twitter.com/TfXnkWAxbP
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) February 1, 2024
How narrow can the rally be when more than two-thirds of stocks in the S&P 500 have 50-day averages above their 200-day averages?
BTW that's the best level in more than 2 years and is still rising. pic.twitter.com/YPMyfOZKsd
— Willie Delwiche, CMT, CFA (@WillieDelwiche) February 1, 2024
Is it really the Magnificent 7? Tesla seems to be drifting away. pic.twitter.com/QJ90xJHTCg
— Eddy Elfenbein (@EddyElfenbein) February 1, 2024
Eli Lilly has surpassed Tesla in market cap, becoming the 8th largest company in the S&P 500. Its market value has increased from $100 billion to over $600 billion in less than five years. $LLY $TSLA pic.twitter.com/LLfhngRLpP
— Charlie Bilello (@charliebilello) February 1, 2024
$HYG Weekly.
In Q4, Junk bonds came out of a 2-year base. They're now coiled tightly, ready for the next leg higher. #bullish pic.twitter.com/53ndFzhH7V
— Brian G (@alphacharts) February 1, 2024
Yields are on pace for their largest weekly decline since bottoming in early 2020… and risk assets can't catch a bid $TYX π€ pic.twitter.com/5AEMNHvFvn
— Steven Strazza (@sstrazza) February 1, 2024
One of the benefits of combining charts with sentiment is you can further risk adjust the setup etc etc.
There was a debate on here if Santelli was really a contrarian signal but the TA alone was extreme (and this was just the daily vs weekly distances). $TNX https://t.co/VPhjTxVwLb pic.twitter.com/WCA86atkRh
— Arun S. Chopra CFA CMTπ§ (@FusionptCapital) February 1, 2024
$AAPL bros crying behind their vision pros right now. π pic.twitter.com/dq8BNcOiaP
— TrendSpider (@TrendSpider) February 1, 2024