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Today’s Summary
Tuesday, June 7th, 2022
Indices: Russell 2000 +1.57% | S&P 500 +0.95% | Nasdaq 100 +0.89% | Dow +0.80%
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining +2.99%. Consumer Discretionary was the only sector that closed lower, falling -0.25%.
Commodities: Crude Oil futures rose +0.77% to $119.41 per barrel. Gold futures gained +0.46% to $1,852 per ounce.
Currencies: The US Dollar Index inched lower by -0.08%.
Crypto: Bitcoin inched higher by +0.28% to $31,438. Ethereum fell -0.92% to $1,841.
Interest Rates: The US 10-year Treasury yield fell to 2.979%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
So do you think we have seen the top in the U.S. 10-Year? pic.twitter.com/1sszImkWQr
— Dan Russo, CMT (@DanRusso_CMT) June 7, 2022
Today’s Chart of the Day was shared by Dan Russo (@DanRusso_CMT). The chart shows the US 10-year yield (black), and the Dollar/Yen currency pair (red). The Dollar is breaking out to 20-year highs vs. the Yen this week. Dan points out that this currency pair has been a good leading indicator for 10-year yields both domestically and around the world. In a comment to The Chart Report, Dan said “If the Yen continues to weaken vs. the Dollar, I think you can expect 10-year yields to continue to rise here in the US, and around the world.”
Quote of the Day
“When the line doesn’t hold,
it’s time to fold.”
– Jay Kaeppel
Top Links
Remember June Midterm Weakness – Almanac Trader
Seasonality expert, Jeff Hirsch looks at how stocks have historically performed in June of Midterm Election years.
Brian Shannon on Bitcoin, SPY, ADI – Fox Business News
Brian Shannon shares his technical take on stocks, crypto, and more.
Silver Trying to Hold Key Price Support Level! – Kimble Charting Solutions
Chris Kimble points out that Silver is testing a key long-term support level.
Things That Make You Go HMMMMMM – Potomac Fund Management
In this video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
Jerry Parker (Learning from a Turtle Trader) – Against All Odds Research
Here’s a good interview with legendary Turtle Trader, Jerry Parker.
Top Tweets
Daily Market Mood: Risk-On/Mixed
Nice late day rally for stocks $SPX +.95% as yields retreated, 2nd up day in a row.$VIX below 25 suggests bear market bounce in stocks cld last …plus some mkt internals improving in nt.
Carry on!
— Abigail Doolittle (@TheChartress) June 7, 2022
Energy sector continues to lead $XOM $CVX $COP $EOG $PXD $OXY ✅✅✅ pic.twitter.com/GvjKF5QPJH
— Jesse Cohen (@JesseCohenInv) June 7, 2022
Smalls really taking charge last 5 days $IWM pic.twitter.com/2dHuHSppth
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 7, 2022
Small caps had a nice outside reversal today and cleared the 50-day. $IWM. #MaxFlex #NoAssumptions pic.twitter.com/xM2A1hHZxT
— Chris Ciovacco (@CiovaccoCapital) June 7, 2022
June historically isn't great for stocks, but the majority of the weakness takes place later in the month. pic.twitter.com/6TxTh55iWi
— Ryan Detrick, CMT (@RyanDetrick) June 7, 2022
Many comments about June's poor seasonality and no one has mentioned that it has been positive 6 yrs in a row and up 8 of the last 10. Says a bit about current sentiment pic.twitter.com/LxQr5MqfrV
— Urban Carmel (@ukarlewitz) June 7, 2022
Nine. Now nine consecutive days that the $VVIX volatility of volatility index has dropped. Second longest slide on record with the only longer stretch, a 10-day drop through July 20, 2017. Seat belts off and hands off the wheel. pic.twitter.com/l5Ce8tZjxO
— John Kicklighter (@JohnKicklighter) June 7, 2022
$XOM Exxon Mobil going totally crazy today : this 435B company is up 4.5% on the daily.
Think about where your money is going when you fill up the tank … pic.twitter.com/QGjbVVZXYb— The Baguette Investor (@TheBaguetteInv1) June 7, 2022
At the point in the Energy sector rally when even the stuff that hadn't been moving is start to go. $RIG had been down on a 1-yr basis before a 13% gain today. pic.twitter.com/RpfX9o1tQE
— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 7, 2022
Are we close to a pause in the Energy / Oil / Gas sectors? $XLE $XOP $SPY $SPX pic.twitter.com/CerjNpuobd
— Sam McCallum ??????? (@Honeystocks1) June 7, 2022
The worst stocks have stopped falling. Now what? pic.twitter.com/wIxa506U2v
— Steven Strazza (@sstrazza) June 7, 2022
$KWEB Chinese Tech was the first to decline globally and now the first to bottom. Mentioned a number of times and on many calls suggesting the same over the last few weeks. pic.twitter.com/2fM4vvePDo
— David Nicoski CMT (@davevermilion) June 7, 2022
Bitcoin, with a $600 billion market cap or w/e you wanna call it, still moves like a penny stock. pic.twitter.com/LQHx1Z3pnX
— Michael Batnick (@michaelbatnick) June 7, 2022
You’re all caught up now. Thanks for reading!