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Today’s Summary
Monday, March 04, 2024
Indices: Russell 2000 -0.10% | S&P 500 -0.12% | Dow -0.25% | Nasdaq -0.42%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +1.69%. Consumer Discretionary lagged, falling -1.35%.
Commodities: Crude Oil futures fell -1.54% to $78.74 per barrel. Gold futures gained +1.46% to an all-time high of $2,126 per oz.
Currencies: The US Dollar Index ticked lower by just -0.05% to $103.84.
Crypto: Bitcoin rose +8.26% to an all-time high of $68,359. Ethereum rose +4.13% to a two-year high of $3,634.
Volatility: The Volatility Index rose +2.74% to 13.48.
Interest Rates: The US 10-year Treasury yield rose to 4.217%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Tulips never came back, but bitcoin just keeps coming back. $BTC pic.twitter.com/Pq2DNhauNW
— Pearl (@ppearlman) March 4, 2024
🏆 Today’s Chart of the Day was shared by Phil Pearlman (@ppearlman).
- Bitcoin officially closed at an all-time high of $68,359 today after rising +8.3%. It’s completed a two-year base within a strong primary uptrend after recovering from a -75% drawdown. If this breakout holds, Bitcoin could easily reach six figures this cycle.
- From Warren Buffett to Jamie Dimon, some of the smartest minds in finance have repeatedly dismissed Bitcoin as a bubble. But as Phil points out, this thing refuses to go away. It’s much easier to call it a bubble than it is to understand this new and complex market.
- To be fair, it has gotten frothy in the past, and it’s hard to understand how an intangible digital asset of mysterious origin could be worth more than the average American’s salary. It’s lost over half its value five times in the past decade, but each subsequent recovery galvanizes the bulls.
The takeaway: Bitcoin broke out to an all-time high today for the first time in more than two years. It’s easy to call Bitcoin a bubble, but bubbles don’t persistently recover to all-time highs like this after they pop.
Quote of the Day
“A bubble is a bull market in which you don’t have a position.”
– Bob Farrell
March Madness – Trading Adventures
Andy Moss highlights some key developments to watch this week.
Bitcoin Elevates – Bespoke
Bespoke examines the breakout in Bitcoin.
Jeff deGraaf Says This High Momentum Market Hasn’t Become Dangerous…Yet – CNBC
Jeff deGraaf explains why he thinks the rally still has legs.
A Deep Dive on Industrials – All Star Charts
Alfonso Depablos looks into the Industrial sector ($XLI).
The Fear of Missing Out – The Irrelevant InvestorMichael Batnick shares his thoughts on the risk-on environment we’re currently in.
Top Tweets
Three of the Magnificent Seven getting hit hard today. 🩸 $AAPL $GOOG $TSLA pic.twitter.com/ktW5GaW2HQ
— TrendSpider (@TrendSpider) March 4, 2024
The last time $SPX rose 16 of 18 weeks was in 1971. It added another 4% over the next month or so and then corrected 14% over a 7 month period. n=1 so this is for cocktail party banter pic.twitter.com/ANmMe6GgQk
— Urban Carmel (@ukarlewitz) March 4, 2024
5 sectors are leading the market in the last 3 months.
How's that for breadth? pic.twitter.com/BKOtmNlXmh
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) March 4, 2024
The rally off the October lows has been a historic one for large-cap industrials with $XLI up 18 of the last 19 weeks, registering a tie for its best weekly win streak twice in this time.
Do we make it 10 in a row this week? pic.twitter.com/h5nn1X5FQ4
— Steven Strazza (@sstrazza) March 4, 2024
$SMCI has made it into the S&P 500, Now it's aiming for the Mag 7. pic.twitter.com/6oclRYJ2NG
— Walter Deemer (@WalterDeemer) March 4, 2024
Our sentiment composite looks to be entering the too many bulls in the room section of the room…
Will this now become a headwind for stocks? pic.twitter.com/iMOG2l5GjE
— Grant Hawkridge (@granthawkridge) March 4, 2024
With sentiment frothy, leaders extended, and new setups dwindling, we are moving to a cautious posture. Long term I am still bullish, but short term it's starting to look like we may either get a market pullback, or a rotational (stealthy) pullback, stock by stock. I'm already… pic.twitter.com/sT3xYbBhKl
— Mark Minervini (@markminervini) March 4, 2024
When are banks going to come back? Do you think they're even necessary? pic.twitter.com/kNOcWjdNzX
— J.C. Parets (@allstarcharts) March 4, 2024
Gold going for it again… pic.twitter.com/A9GVWAbF27
— Ian McMillan, CMT (@the_chart_life) March 4, 2024
At long last $GLD has posted new ATHs, completing a continuation inverted H&S with a target into the mid $200s. Support should be mid-to-low 190s. Close below 183 negates this interpretation. pic.twitter.com/6Aym1KUCOc
— Peter Brandt (@PeterLBrandt) March 4, 2024
Silver on the monthly…I think a breakout would catch a lot of traders/investors off guard except for the hardcore precious metal bugs. #Silver $SLV pic.twitter.com/14wWA7IDw6
— Greg Rieben (@gregrieben) March 4, 2024
Everyone pic.twitter.com/4eNcfBDFtg
— Hsaka (@HsakaTrades) March 4, 2024