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Today’s Summary
Tuesday, June 8th, 2021
Indices: US Stocks closed slightly higher in today’s session. The Dow was more or less flat, inching lower by just 30 points or 0.09%. The S&P 500 was also flat (0.02%), while the Nasdaq rose 0.31%. The Russell 2000 clearly outperformed, gaining 1.06%.
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining 0.86%. Utilities lagged, falling 0.85%.
Commodities: Crude Oil futures rose 1.18% to $70.05 per barrel – the highest level in nearly three years. Gold futures slipped 0.23% to $1,894 per ounce.
Currencies: The US Dollar Index rose 0.18%.
Interest Rates: The 10-year US Treasury yield fell to 1.535%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Chart of the day: Just a heads-up#QQQ has closed higher in the month of July every single year over the last 14 years. (higher 79% of time over 20-yr. period)
Now, feast your eyes on the average July return over this time period (~4%) Oh that #Nasdaq @Pdunuwila pic.twitter.com/iNQW2doMM1
— Seth Golden (@SethCL) June 8, 2021
Today’s Chart of the Day was shared by Seth Golden (@SethCL). Seth points out that July could bring a much-needed boost to the Nasdaq if recent history is any guide. The chart shows that the Nasdaq ETF, $QQQ, has closed higher in July every single year since 2008. CNBC’s Michael Santoli once described seasonality using this analogy – “seasonality is climate, not weather.” In other words, seasonality gives us an idea of the type of environment we can anticipate, but of course, anything can happen. For example, August is one of the most popular months to have a wedding in New York State. It’s usually a lovely time of year there, and you’ll likely have a picturesque sunny day. But, you can’t completely rule out the unlikely possibility of a hurricane or something terrible like that. Is it likely? No. Is it possible? According to Wikipedia, yes, it is possible.
Quote of the Day
“Seasonality is climate, not weather.”
– Michael Santoli
Top Links
Andrew Thrasher’s Market Outlook – TD Ameritrade Network
Andrew Thrasher offers his technical perspective on the Russell 2000 and the VIX.
Signs of Life in the Technology Sector – Potomac Fund Management
Dan Russo examines sector relative strength.
Will Government Bonds Continue to Sink Lower? – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the popular US Treasury Bond ETF, $TLT.
Brazil Boils – Bespoke
Bespoke takes a look at the Breakout in Brazil ??.
Bitcoin Could Find Its Footing if it Holds the $34,000 Level, a Technical Analyst Says – Business Insider
Katie Stockton outlines some key levels on Bitcoin.
Top Tweets
No new 52 week lows in any names held in the major indexes today.
However, one new notable intraday 52 week low not many people have mentioned – the $VIX.
Cc @AndrewThrasher— Jay Woods (@JayWoods3) June 8, 2021
If we are going to see weakness in the markets.. we are first going to see it on their 21-day low lists… and right now there are NO alarm bells ringing… $SPY $MDY $SLY pic.twitter.com/Lvou1Q7GmC
— Grant Hawkridge (@granthawkridge) June 8, 2021
Interesting…..small craps (RTY) staged an insane comeback today and broke daily resistance pic.twitter.com/rjaO8pFRgu
— ??? (@chigrl) June 8, 2021
What do you think #fintwit.. new closing high for $XRT. Buying or selling the ascending triangle break? #ClassicalTA pic.twitter.com/IEXZIvh1xV
— Dan J. Gorghuber, CMT (@Futures_Runner) June 8, 2021
Homebuilders have broken down vs. the broader Real Estate sector over the past month or so. This ratio has been strongly correlated with market over the past few years. (1-yr corr of 0.91, 3-yr corr of 0.87). Are homebuilders due for a bounce or is the market likely to sell-off? pic.twitter.com/4zfkTRmFcv
— Bob Sheehan, CMT, CFA (@LighthouseCap23) June 8, 2021
10-year US Treasury Yield down to 1.53%, close to the lowest level in roughly three months! pic.twitter.com/HmFnrYwrMr
— jeroen blokland (@jsblokland) June 8, 2021
Financials have diverged from rates… recently (last 5 years), they've been more right than wrong. $XLF pic.twitter.com/yhiEnOOH1z
— Chris Verrone (@verrone_chris) June 8, 2021
We remain in the "Stocks over Blocks" camp, as Bitcoin loses another big relative level when compared to the S&P 500…$BTCUSD $SPX $GBTC $SPY pic.twitter.com/GJ0Mpk1Gi6
— Ian McMillan, CMT (@the_chart_life) June 8, 2021
Bitcoin vs. 200-day average – below it often stays there for a while. pic.twitter.com/fKewQJP8H1
— Strategas (@StrategasRP) June 8, 2021
Consolidations tend to resolve in the direction of the underlying trend, which in the case of Bitcoin, is down. pic.twitter.com/gja5dbKmu5
— J.C. Parets (@allstarcharts) June 8, 2021
#Bitcoin Clear breakdown from the consolidation. This consolidation was the pause after completion of top formation a few weeks ago. pic.twitter.com/6kD9Ita3Zo
— RenMac: Renaissance Macro Research (@RenMacLLC) June 8, 2021
There are those thinking/hoping Bitcoin will stop going down and find support at the $30,000+/- level.
“When you’re hoping, it’s hopeless”… is the idiom that comes to mind.
We remain sellers of #Bitcoin here. pic.twitter.com/eRFO7FMfzM— Carter Braxton Worth (@CarterBWorth) June 8, 2021
Whether you're stacking sats or slats… pic.twitter.com/Ww7XKDR2jA
— Brian G (@alphacharts) June 7, 2021
TIM-BERRR! https://t.co/s2ZAn0PzRs
— Walter Deemer (@WalterDeemer) June 8, 2021
You’re all caught up now. Thanks for reading!