Powered By:
Todayβs Summary
Thursday, March 14, 2024
Indices: S&P 500 -0.29% | Nasdaq 100 -0.30% | Dow -0.35% | Russell 2000 -1.96%
Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +1.03%. Real Estate lagged, falling -1.41%.
Commodities: Crude Oil futures roseΒ +1.93% to a four-month high of $81.26 per barrel. Gold futures fell -0.61% to $2,168 per oz.
Currencies: The US Dollar Index rose +0.55% to $103.36.
Crypto: Bitcoin fell -2.39% to $71,371. Ethereum dropped -3.16% to $3,881.
Volatility: The Volatility Index rose +4.73% to 14.39.
Interest Rates: The US 10-year Treasury yield rose to 4.292%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Changing of the guard. $MSFT $AAPL pic.twitter.com/OnTyVAAFGP
— Sam Gatlin (@sam_gatlin) March 14, 2024
π Todayβs Chart of the Day was shared by Sam Gatlin (@sam_gatlin).
- $MSFT broke out to an all-time high today, while $AAPL remains in a corrective phaseΒ -12.7%Β from its December peak..
- $AAPL dominated $MSFT after the dot-com bubble for over a decade, but its relative performance peaked in 2012, and itβs been a fair fight ever since. Sam points out that $MSFT is slowly emerging as the winner.
- The ratio ($MSFT/$AAPL) closed at a four-year high today after carving out a potential multi-year bottom.
The takeaway: $MSFT has already surpassed $AAPL as the largest stock in the S&P 500, but its leadership could become even more pronounced if this ratio clears its 2019 peak.Β
Quote of the Day
βOnce a boom is well started, it cannot be arrested. It can only be collapsed.β
β John Kenneth Galbraith
Top Links
Optimism Persists As Investor Fears Fade – Hi Mount Research
Willie Delwiche shares some insights on investor sentiment.
Inflation Data Higher than Expected – Trading Adventures
Andy Moss looks at recent price action in the major indices.
Growth vs. Value at a Crossroads – All Star Charts
Alfonso Depablos examines the outlook for Growth vs. Value.
Market Emotions and 15th Anniversary of March 09′ Low – Strategas Asset Management
Todd Sohn highlights some key takeaways about the current market environment.
Top Tweets
There have only been three other years since 1953 that there were more record-closing highs in the first 50 trading days of the year. pic.twitter.com/zKQP1tsvAc
— Bespoke (@bespokeinvest) March 14, 2024
Active managers had less than 25% exposure to equities in late October when the S&P 500 was at 4,100.
Today their equity exposure has jumped to 104% (leveraged long) with the S&P 500 above 5,100. This is their highest exposure since Nov 2021. pic.twitter.com/HZGa9LFg3z
— Charlie Bilello (@charliebilello) March 14, 2024
$IWM struggling with the intermediate-term 205 area… pic.twitter.com/f7FltaB4Ia
— Ian McMillan, CMT (@the_chart_life) March 14, 2024
$IWM ugly bearish RSI divergence. Watch that $198 level. pic.twitter.com/B1P5RG5kiF
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) March 14, 2024
A key for the $SMH's continued strength has been seeing bearish patterns fail.
The latest test on the 2-hr chart: pic.twitter.com/6DMv5TeFQf
— Frank Cappelleri (@FrankCappelleri) March 14, 2024
October seems so long ago pic.twitter.com/ScW2gLZ9tl
— Austin Harrison, CFA, CMT (@meanstoatrend) March 14, 2024
Holy moly, someone loves the semiconductor ETF $SMH, just took in $1.6b about double its old record, which is saying a lot bc this thing is like 12yrs old. Smells like model spirit. Buying in big at basically ATHs. Let's go. pic.twitter.com/iCPEfqBGEZ
— Eric Balchunas (@EricBalchunas) March 14, 2024
Five S&P 500 sectors have set record highs in 2024. Seven sectors now trade within 5% of their all-time highs, the most since January 2022. Energy has by far gone the longest without setting a new high but is now just 7.2% below its June 2014 record. pic.twitter.com/DEz8jW1t6Y
— Rob Anderson (@_rob_anderson) March 14, 2024
If you really want to know the leader in this inflationary & rate-hiking cycle, take a look at S&P sector performance since 2020 lows
There lies the last 4 years of performance data
It may surprise you, it may not pic.twitter.com/QacI8gDMDs
— Dash, CMT, CFP (@Dash_charts) March 14, 2024
Iβve been seeing a few charts of the Invesco agriculture fund $DBA floating around recently, but none have highlighted how important this long-term breakout is. I guess food inflation isnβt going anywhere but up. pic.twitter.com/6M6T8fVWyh
— Ross J Brown (@RJB_Financial) March 14, 2024
Well Mr "BOND"…still working on it? pic.twitter.com/hfUAeas3fi
— conradseric, CMT, CAIA, CEFA (@conradseric) March 14, 2024
Well Mr "BOND"…still working on it? pic.twitter.com/hfUAeas3fi
— conradseric, CMT, CAIA, CEFA (@conradseric) March 14, 2024
Breakout in $MSFT pic.twitter.com/WkL8SHCtfK
— Peter Brandt (@PeterLBrandt) March 14, 2024
$MSFT range breakout to new all-time highs. A good look for tech and AI stocks. A top 3 AI mega cap. <holding this long from lower> pic.twitter.com/FLpvd8QJi2
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) March 14, 2024
The $TSLA bear market rally from 100 to 300 was/is devastating for both sides of the market. Bears were killed on the 3x move that served to convince bulls the long-term trend was still up.
That the 1st half of 2023 was a only bear market rally will become more obvious below 152 pic.twitter.com/QGqHz8qX88— Chris Carolan $=1/β (@spiralcal) March 14, 2024
Shorts got roasted on the way up.
Not too many still around for the party.$TSLA pic.twitter.com/ad3tWEtZyw
— David Rath, CMT, CFA (@DJwrath) March 14, 2024
Tesla is now down over -30% since the stock was added to the S&P 500 back in December of 2020. π» $TSLA pic.twitter.com/0Bz1PXhrPp
— TrendSpider (@TrendSpider) March 14, 2024