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Today’s Summary
Monday, February 7th, 2022
Indices: Dow 0.00% | S&P 500 -0.37% | Nasdaq -0.58% | Russell 2000 +0.51%
Sectors: 5 of the 11 closed higher. Energy led, gaining 1.28%. Communications lagged, falling 1.74%.
Commodities: Crude Oil futures fell 1.07% to $91.32 per barrel. Gold futures rose 0.77% to $1,822 per ounce.
Currencies: The US Dollar Index moved slightly lower by 0.07%.
Interest Rates: The US 10-year Treasury yield inched higher to 1.918%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$XOP Is it just a matter of time before we break out of a 3 month base? pic.twitter.com/Lx2UGyC5Yk
— Sam McCallum ??????? (@honeystocks1) February 7, 2022
Today’s Chart of the Day was shared by Sam McCallum (@honeystocks1). It’s a daily candlestick chart of the Oil & Gas Exploration & Production ETF ($XOP). This is one of the more important energy-related ETFs out there. Sam points out that $XOP is attempting to break out of a three-month base with resistance around $112. If $XOP breaks out here, it would be the latest bullish development for the Energy sector.
Quote of the Day
“You always own the option of having no opinion.”
– Marcus Aurelius
Top Links
? Tell me what’s going on (What’s going on) ? – All Star Charts
JC Parets helps to make some sense out of the messy market environment.
Rates are on the Rise – Means to a Trend
Austin Harrison takes a look at interest rates and the yield curve.
Nice Rally. Now What? – PFT Trading
Greg Rieben highlights some things to watch in the near term.
Messy Markets – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss several noteworthy developments to keep an eye on.
Gold “G-loiteers” – Bespoke
Bespoke examines the never-ending consolidation in Gold.
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Top Tweets
Midterm years historically don't do all that well until later in the year.
In fact, the next two quarters are some of the worst out of the entire 4-year presidential cycle. pic.twitter.com/gEeLWBKuQI
— Ryan Detrick, CMT (@RyanDetrick) February 7, 2022
Oh, hey Global Dow. Comes into the week above support, the 10-week MA, and the 40-week MA. Can you say the same about the major U.S. averages? Pretty clear line in the sand for this one to be declared a leader! pic.twitter.com/7SgCW6Ir88
— Dan Russo, CMT (@DanRusso_CMT) February 7, 2022
Jets vs S&P 500$JETS vs $SPX pic.twitter.com/NFlAf8CGRS
— David Zarling, CMT (@AdaptivCharts) February 7, 2022
$RYF : $RSP – Financials Folks. pic.twitter.com/H2x7qLX6NI
— Larry Thompson (@HostileCharts) February 7, 2022
How about this bullish action in the financials? $XLF$JPM $GS Weekly: False breakdowns$MS Weekly: Long setup, ATH high today$WFC Weekly: Lifting after a breakout retest pic.twitter.com/3VyEpT9beJ
— Brian G (@alphacharts) February 7, 2022
Here's an equal weight European banks index breaking out a rounding bottom formation to 3-year highs. pic.twitter.com/Bio4CYkWWW
— Alfonso Depablos (@AlfCharts) February 7, 2022
Is the 10-year $TNX leading the way? $XBD $BKX pic.twitter.com/Y6CoAN23y6
— Grant Hawkridge (@granthawkridge) February 7, 2022
2-yr yield is now where the 10-yr yield was as recently as September. pic.twitter.com/eVknkYDdKM
— Willie Delwiche, CMT, CFA (@WillieDelwiche) February 7, 2022
The rate on 30s went from breakdown territory a few months ago to breakout last week. But we're still well below the 2021 highs pic.twitter.com/aAXWJnslCq
— Austin Harrison, CFA, CMT (@meanstoatrend) February 7, 2022
Wowza: global negative yielding debt has declined ~65% in a little over a month. Can't escape rising rates…Europe is the latest to join the party (h/t @StrategasRP) pic.twitter.com/3tedmayx0W
— Liz Young (@LizYoungStrat) February 7, 2022
Don't look now but #Bitcoin at its highest level in more than a month. pic.twitter.com/SxVoRmUVfd
— Tim Stenovec (@timsteno) February 7, 2022
Momentum shift in #BTC $BTC.X pic.twitter.com/MnNujciGLn
— Rolando Santos (@TKPTrader) February 7, 2022
Herd mentality? Expecting higher rates is not a controversial strategy these days, as highlighted by this week’s @TheEconomist cover. Contrarians take note. https://t.co/QnsELGjIXF
— Jurrien Timmer (@TimmerFidelity) February 7, 2022
You’re all caught up now. Thanks for reading!