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Today’s Summary
Tuesday, February 8th, 2022
Indices: Dow +1.06% | S&P 500 +0.84% | Nasdaq +1.28 | Russell 2000 +1.63%
Sectors: 8 of the 11 sectors closed higher. Materials led, gaining 1.55%. Energy lagged, dropping 2.15%.
Commodities: Crude Oil futures fell 2.15% to $89.36 per barrel. Gold futures rose 0.33% to $1,828 per ounce.
Currencies: The US Dollar Index gained 0.22%.
Interest Rates: The US 10-year Treasury yield continued higher to 1.965%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Momentum shift in #BTC $BTC.X pic.twitter.com/MnNujciGLn
— Rolando Santos (@TKPTrader) February 7, 2022
Today’s Chart of the Day was shared by Rolando Santos (@TKPTrader). We highlighted this chart last week, but a lot has changed in that short time. Over the weekend, Bitcoin reclaimed key support around $41k (red line) and it continues to trade firmly above it around $44k. Rolando points out that momentum has shifted back into a bullish range with RSI above 60 for the first time since November. This is a noteworthy improvement for Bitcoin. Bulls want to see price continue to hold above $41k, and RSI to remain in a bullish range above 50-60.
Quote of the Day
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.”
– Paul Tudor Jones
Top Links
Sector Performance YTD: Energy Dominates – Bespoke
Bespoke takes a look at the Energy sector’s dramatic outperformance so far this year.
Are the Banks Gearing Up? – HoneyStocks
Sam McCallum points out that Bank stocks look ready to move higher.
Who Charted? | Time for the Rest of the World to Shine? – Potomac Fund Management
In this video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
Precious Metals “Cup” Patterns Have Long-Term Bulls Excited – Kimble Charting Soluitions
Chris Kimble examines the long-term outlook for Gold, Silver, and Copper.
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Top Tweets
#NASDAQ100 sitting below the 200-day and below moderate resistance. That said, support by background buyer demand. $QQQ $SPY $NDX pic.twitter.com/QfmxkYiOC7
— The Chartist (@thechartist) February 8, 2022
Cyclical stocks did best today, while the 10-Yr Tsy yield kept eyeing up 2%. Materials (+1.6%), Cons Discretionary (+1.5%) and Financials (+1.4%) on top, while Energy (-2.1%) lagged due to a pullback in oil prices. pic.twitter.com/Ee1P3mG6lJ
— Liz Young (@LizYoungStrat) February 8, 2022
Important distinction from 2018 – $XLF peaked relative to S&P in March, while $rates peaked later in November of '18. $XLF at new relative highs today, and still moving in step with yields. Here's the long list of Financials on yesterday's relative high list… pic.twitter.com/AaHVPjgZQn
— Chris Verrone (@verrone_chris) February 8, 2022
$TNX up to 1.97% this morning. Only a couple bps off of that. pic.twitter.com/iDEQ4K7X3V
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) February 8, 2022
Somethings different this time. Last year, when yields were pushing higher, credit was well behaved and credit spreads remained thing. This time, spreads are widening — often a canary in the coal mine for a more disorderly sell off pic.twitter.com/PfmEjb7Npf
— Dani Burger (@daniburgz) February 8, 2022
While equity volatility has cooled off a bit, bond volatility on the other hand has not. The MOVE Index (bond VIX) sits near a 1-year high. pic.twitter.com/Vs5ObTUsw0
— Andrew Thrasher, CMT (@AndrewThrasher) February 8, 2022
Commodities’ breadth looking strong, given >75% of prices have positive 22-day return per @DataArbor
@Bloomberg pic.twitter.com/j4d3Ks1PFn— Liz Ann Sonders (@LizAnnSonders) February 8, 2022
Aluminum prices are at the highest levels since 2008 and closing in on a new record. pic.twitter.com/VvdtaNBP1l
— Lisa Abramowicz (@lisaabramowicz1) February 8, 2022
Al-you-min-ee-umm$JJU $AL_F $AA pic.twitter.com/bQ3gaEapNj
— Ian McMillan, CMT (@the_chart_life) February 8, 2022
$SLX Steel stocks coming back to life after successfully testing support… $X $CLF pic.twitter.com/Pcys7vSlam
— Greg Rieben (@gregrieben) February 8, 2022
On this day in 1971 the NASDAQ exchange began operations as the world's first electronic stock market pic.twitter.com/tXwhF7zjXd
— Hipster Trader (@TickerHistory) February 8, 2022
You’re all caught up now. Thanks for reading!