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Today’s Summary
Monday, February 8th, 2021
Indices: US Stocks kicked off the week on a positive note, with the Dow Jones Industrial Average advancing 238 points or 0.76%. The S&P 500 closed higher for the sixth straight day, rising 0.74%. The Nasdaq gained 0.95%. The Russell 2000 notably outperformed, closing up 2.53%.
Sectors: 10 of the 11 sectors closed higher. Energy led significantly, gaining 4.18%. Utilities was the only sector to close lower, falling 0.77%.
Commodities: Crude Oil futures moved higher for the sixth consecutive day, gaining 1.97% to $57.97 per barrel. Gold futures rose 1.05% at $1,832 per ounce.
Currencies: The US Dollar Index inched lower by 0.09%.
Interest Rates: The 10-year US Treasury yield moved higher to 1.176%.
**Correction: In Friday’s Chart of the Day, we mistakenly said the S&P 500 closed at a record high every day last week. It did close higher every day last week, but not every day was a record high.**
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$BTC (Crypto) The largest player in crypto land breaking out to ATHs. Probably not a bearish sign for the space. pic.twitter.com/FahlYcd261
— Pratyush Tulsian (@PrattyCharts) February 8, 2021
Today’s Chart of the Day was shared on Twitter by Pratty Tulsian (@PrattyCharts). It’s a daily candlestick chart of the largest Cryptocurrency, Bitcoin, over the past nine months ($BTCUSD). Bitcoin has more than doubled since it first broke above the 2017 highs less than two months ago. It printed a fresh all-time high today after spending the past month consolidating between $30k and $40k. As Pratty points out, Bitcoin’s continued strength is an encouraging development for the entire Crypto space. In a comment to The Chart Report, Pratty said, “Seeing all these bases resolving to the upside across Crypto land makes me think this is all just getting started and has me excited for the future of Investing, especially for the new generation of investors and traders.”
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Quote of the Day
“Learn every day, but especially from the experiences of others.
It’s cheaper!”
– Jack Bogle
Top Links
New Highs and Broad Participation to the Upside – Alf Charts
Alfonso Depablos shares some attractive chart setups.
Historical Advances – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments going on right now.
Bitcoin’s Big Day – Bespoke
Bespoke takes a look at the recent strength in Bitcoin.
The Dip Was Bought Again – Momentum Monday
Howard Lindzon and Ivanhoff highlight the strongest stocks, trends and themes across the markets.
Shorts and Longs are NOT Enemies – The Compound
Here’s a good conversation between Josh Brown and Peter Bookvar about the important role that short-sellers play in a market.
Top Tweets
The S&P 500 just rose for a sixth straight day.
Think that's insane?
Get this: in April 1971, the S&P 500 climbed for 14 straight days.
That's 2/3 of a normal months in trading days.
— Callie Cox (@callieabost) February 8, 2021
Last week, the S&P 500 was green all 5 days and finished Friday at an all-time high.
This was the 20th perfect week like that since 1990.
Returns out 6 months seem about average, but a year later stocks are higher 89% of the time and up 15% on average. pic.twitter.com/CeZhJoZdlf
— Ryan Detrick, CMT (@RyanDetrick) February 8, 2021
With another bullish gap, $SPX is starting off this week with its sixth consecutive gain. We had two 7-day runs through Aug 28 and Aug 10. Before these instances, we haven't had anything over 5 days since Apr 8, 2019 pic.twitter.com/NeS8SEyxOX
— John Kicklighter (@JohnKicklighter) February 8, 2021
Highest % of small-cap stocks > 200-day since 2003 pic.twitter.com/0zcX2HeZ79
— Strategas (@StrategasRP) February 8, 2021
The rotation is more about size and less about style given a 37-year+ breakout for the Russell 2000 relative to the Russell 1000 Value Index pic.twitter.com/CdRzCTL6G2
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) February 8, 2021
The two largest financial institutions in the US are pressing up against all-time highs… Together, they account for ~25% of $XLF, so if they go, the sector is likely to follow
Here's $JPM (the other is Berkshire $BRK) pic.twitter.com/nZjHvhmuu0
— Steven Strazza (@sstrazza) February 8, 2021
#Silver since 1803! (logarithmic scale) pic.twitter.com/69N6slIHEc
— jeroen blokland (@jsblokland) February 8, 2021
Corn at a 7+ year high, up 50% over the last year… pic.twitter.com/E7PVNTP511
— Charlie Bilello (@charliebilello) February 8, 2021
BTC Quarterly. 10yr channel. Next stop ~100K? pic.twitter.com/aNzLJ4u3MY
— Brian G (@alphacharts) February 8, 2021
Bitcoin on pace for its biggest one day gain since last April. https://t.co/EDUU2IJnKJ pic.twitter.com/MKMfGI9n9I
— Bespoke (@bespokeinvest) February 8, 2021
Twitter is making 7-year highs ahead of tomorrow's earnings. Here's the lifetime monthly chart. $TWTR pic.twitter.com/0zTipqGOKx
— MicroSectors (@msectors) February 8, 2021
From the bottom on March 23, 2020:
Small caps +130%
Nasdaq 100 +96%
S&P 500 +77%
This is why every investor feels like a genius right now pic.twitter.com/hVoo3p0RJw
— Ben Carlson (@awealthofcs) February 8, 2021