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Today’s Summary
Tuesday, June 15th, 2021
Indices: US Stocks closed lower in today’s session with the Dow slipping 94 points or 0.27%. The S&P 500 and Nasdaq fell 0.20% and 0.71%, respectively. The Russell 2000 moved lower by 0.26%.
Sectors: 5 of the 11 sectors closed higher. Energy led, rising 1.90%. Real Estate lagged, falling 0.92%.
Commodities: Crude Oil futures moved higher by 1.75% to $72.12 per barrel. Gold futures fell 0.51% to $1,856 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The 10-year US Treasury yield ticked lower to 1.494%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Copper decisively breaking trend and short-term support pic.twitter.com/u16uxGiNUe
— David Rath (@DJwrath) June 15, 2021
Today’s Chart of the Day was shared by David Rath (@DJwrath). It’s a daily candlestick chart of Copper futures since the start of the pandemic. Copper has been on an incredible run for more than a year now. But that relentless rally is in jeopardy. As David notes, Copper decisively broke below its uptrend line in today’s session. So, why do we care that this metal is breaking down? Due to Copper’s numerous industrial uses, it is often viewed as a leading indicator for economic growth and the stock market. Seeing it break down like this, doesn’t exactly inspire confidence in the bull case.
Quote of the Day
“If you can’t take a small loss, sooner or later you will take the mother of all losses.”
– Ed Seykota
Top Links
“Reflation” Trade Under Pressure – Potomac Fund Management
Dan Russo examines the strongest and weakest areas of the market.
CBOE SKEW Index All-Times Highs Points to Volatility – See It Market
Mark Newton points out that the SKEW Index just hit an all-time high.
Timber! – Bespoke
Bespoke take a look at the crash in Lumber prices.
My Favorite Swing Trade Setup – AlphaTrends.net
Brian Shannon gives a tutorial on his trading process.
One Corner of Health Care Could Lead Nasdaq’s Next Record Rally, Oppenheimer Analyst Predicts – CNBC
In this clip, Ari Wald of Oppenheimer shares his thoughts on Biotech stocks.
Top Tweets
June is historically a weak month for the S&P 500 Index, but the majority of the weakness takes place late in the month. pic.twitter.com/kXbIBiCkEE
— Ryan Detrick, CMT (@RyanDetrick) June 15, 2021
New all-time high for the SKEW Index. pic.twitter.com/QY4dTmU9oS
— Andrew Thrasher, CMT (@AndrewThrasher) June 15, 2021
Momentum surges can be an early tell of trend changes… Energy's outperformance since bottoming vs. the S&P late last year is as good as anything we've seen in more than a decade (by a mile). $XLE $XOP $SPY @StrategasRP pic.twitter.com/sDjMdljNCG
— Chris Verrone (@verrone_chris) June 15, 2021
Energy needs to get it together on a relative basis.. $XLE $SPY pic.twitter.com/dSYi6T2qg5
— Drew Wells, CMT, CIMA® (@DrewTheCharts) June 15, 2021
The price of crude #oil has risen to above USD 72, the first time since October 2018. pic.twitter.com/CyuWK2rtPi
— jeroen blokland (@jsblokland) June 15, 2021
Copper breaking trendline pic.twitter.com/SB8eYIJfOY
— Bob Sheehan, CMT, CFA (@LighthouseCap23) June 15, 2021
Copper, which is at lowest level since April and through the 50-day for the first time this year, not doing bullish things. pic.twitter.com/qiVJUJvSs5
— Willie Delwiche (@WillieDelwiche) June 15, 2021
$GC_F sitting on MA support. pic.twitter.com/tSuhkswitM
— Jason Perz (@JasonPerz138) June 15, 2021
Dollar continues to bounce with GBPUSD looking the most vulnerable, nearly 2 standard deviations above its 20 year average. pic.twitter.com/OWEzu3eDm4
— James Brodie CMT (@jamesrbrodie) June 15, 2021
Great chart from @bespokeinvest "shows the average intraday performance of the S&P 500 on Fed rate decision days since 1994 when the Fed first began releasing its rate decisions on the same day as its meetings are held." pic.twitter.com/jkdP7hl3Ep
— Brian Shannon, CMT (@alphatrends) June 15, 2021
You’re all caught up now. Thanks for reading!