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Today’s Summary
Friday, May 7th, 2021
Indices: US Stocks ended the week on a positive note, with the Dow Jones Industrial Average advancing 229 points or 0.66%. The S&P 500 and Nasdaq rose 0.74% and 0.88%, respectively. The Russell 2000 outperformed, gaining 1.35%.
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining 1.78%. Consumer Staples lagged, closing completely unchanged.
Commodities: Crude Oil futures inched higher by 0.17% to $64.82 per barrel. Gold futures rose 0.86% to $1,831 per ounce.
Currencies: The US Dollar Index fell 0.74%.
Interest Rates: The 10-year US Treasury moved higher to 1.588%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
USD takes out YTD up trend… $DXY $UUP pic.twitter.com/y2G0QDIIPF
— J4 (@J4_doji) May 7, 2021
Today’s Chart of the Day was shared by @J4_doji. It’s a chart of the US Dollar Index over the past 14-months. Today was the worst day for the Dollar in six months. After getting crushed last year, the Dollar has spent the majority of 2021 quietly mean reverting higher. But as @J4_doji points out, it appears that mean reversion is complete and the Dollar is now resuming its downward trend. At this point, a test of the January lows is likely. Further weakness from the US Dollar would be a nice tailwind for risk assets across the board including, Stocks, Commodities, and even Cryptocurrencies.
Quote of the Day
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.”
– William Arthur Ward
Top Links
5-Chart Friday – Compound
Charlie Bilello shares five interesting charts to ponder over the weekend.
ARKK Stocks Breakdowns and Bounces – Bespoke
Bespoke examines the popular ARKK Innovation ETF, and some of the stocks within it.
Stock Market Video Analysis for Week Ending 5/7/21 – AlphaTrends.net
Brian Shannon analyzes this week’s price action and lays out a few levels to watch next week.
May Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three things they’re watching this month.
Fill the Gap Episode Five, with Special Guest Frank Teixeira – CMT Association
Here’s a good podcast from the CMT Association featuring special guest and respected analyst, Frank Teixeira.
Top Tweets
Weekly $SPX update: All. Time. Highs. Again. That is all. pic.twitter.com/wMXm0QyW0K
— Michael Turvey (@MikeTurvey_TDA) May 7, 2021
The Nasdaq is finally leading the market today but it's pretty modest compared with the eight previous days. pic.twitter.com/EHVQi3b6B4
— Eddy Elfenbein (@EddyElfenbein) May 7, 2021
$MDY Looks like MDY is just behind SPY. We'll see how the day closes. A strong close bodes well for next week. $IWM is looking good too. pic.twitter.com/kCbsE4jv3V
— Alan Cohen (@al_xdpg) May 7, 2021
Decision time for $DEEP deep #ValueInvesting $VLUE pic.twitter.com/98F5trUA0b
— Drew Wells, CMT, CIMA® (@DrewTheCharts) May 7, 2021
Breakdown of Growth (green) vs Value (blue) Exposure by Country (sorted by highest relative weight in growth) pic.twitter.com/O9wiJXkH7C
— Steven Strazza (@sstrazza) May 7, 2021
$TOL monthly chart (no position) – homebuilders and real estate related industries is where the momentum is right now pic.twitter.com/8XgJgPGIeK
— @theEquilibrium (@theEquilibrium) May 7, 2021
Copper ends the week at its highest level in history. pic.twitter.com/UdXt0XizsW
— Charlie Bilello (@charliebilello) May 7, 2021
The 10-year US Treasury #Yield has erased all of the drop following the massive miss on #payrolls today! pic.twitter.com/BmaUljesva
— jeroen blokland (@jsblokland) May 7, 2021
Well, that breakout in #gold I talked about yesterday certainly looks like it's going to hold. 200-day MA next challenge for #GC_F $GLD pic.twitter.com/tcKH2QBp6d
— Mike Larson (@RealMikeLarson) May 7, 2021
Best week of the year for the gold miners. $GDX best weekly settle in 6 months. pic.twitter.com/Avri8yuQDI
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) May 7, 2021
gold is outperforming bitcoin over the past month pic.twitter.com/XcB9OCmJT6
— Katie Greifeld (@kgreifeld) May 7, 2021
$ETH.X vs $BTC.X comparison. It's been nice being on the ETH train. Another huge base. pic.twitter.com/ckHJrW3KUG
— JustCharts (@JustCharts1) May 7, 2021
This crypto $XMR looks really interesting here from a risk vs reward perspective. Big base breakout. The level to watch is 470. pic.twitter.com/INCg6am1Sz
— R. Alfonso Depablos (@AlfCharts) May 7, 2021
part of the reopening trade i guess pic.twitter.com/AZSjnqFl1v
— J.C. Parets (@allstarcharts) May 7, 2021
You’re all caught up now. Thanks for reading!