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Today’s Summary
Thursday, June 17th, 2021
Indices: US Stocks were mixed in today’s session. The Dow fell 210 points or 0.62%. The S&P 500 was flat (0.04%), while the Nasdaq rose 0.87%. The Russell 2000 underperformed, dropping 1.18%.
Sectors: 7 of the 11 sectors closed higher. Tech led, gaining 1.16%. Energy lagged dropping 3.40%.
Commodities: Crude Oil futures fell 1.51% to $71.06 per barrel. Gold futures had their worst day in more than six months, tumbling 4.68% to $1,774 per ounce.
Currencies: The US Dollar Index continued higher by 0.55%.
Interest Rates: The 10-year US Treasury yield fell to 1.506%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Large Cap Growth $IWF vs Value $IWD pic.twitter.com/anDbxVhYEt
— Christian Fromhertz (@cfromhertz) June 17, 2021
Today’s Chart of the Day was shared by Christian Fromhertz (@cfromhertz). It’s a chart of Large-Cap Growth vs. Large-Cap Value over the past five years ($IWF/$IWD). As a reminder when the ratio is rising it means Growth is outperforming Value and vice versa. It’s been a tough year for Growth stocks, but the tide may be turning. Growth has been underperforming Value since last September. However, this ratio broke out from that nine-month downtrend in today’s session. In other words, we’re currently set up for a rotation back into Growth stocks in the coming weeks/months.
Quote of the Day
“Trends, like horses, are easier to ride in the direction they are going.”
– John Naisbitt
Top Links
Breadth Metrics Fail to Confirm Price Highs – Potomac Fund Management
Dan Russo examines the signs of weakness beneath the surface of the market.
International Rotation Points to a New Frontier – All Star Charts
The team at All Star Charts takes a look at the strength in Frontier Markets.
Is Freeport McMoRan’s (FCX) Stock Decline Pointing to Economic Cool Down? – Kimble Charting Solutions
Chris Kimble explains that a reversal in Freeport McMoRan’s stock could be signaling weakness for Commodities.
ARKK Innovation (ARKK) Pummels Value (IVE) – Bespoke
Bespoke points out that ARKK is waking up from the dead.
How to Prepare for a Lengthy Bull Market – A Wealth of Common Sense
Ben Carlson shares some wise words on navigating a bull market.
Top Tweets
If you are still wondering what's going on today. Here's what's going on:
Nasdaq is up
Dow Jones is downTech is up
Commodities are downRotation. pic.twitter.com/Is1lrJ4aDO
— Yuriy Matso (@yuriymatso) June 17, 2021
On the daily, weekly, and monthly timeframes technology is king at the moment. My exposure there is working well. pic.twitter.com/Zd19cXUx2S
— Leif Soreide (@LeifSoreide) June 17, 2021
Over the past 20 years, mid-June is exactly when tech stocks typically outperform the market. pic.twitter.com/vFeMJWYj7W
— Danny Merkel (@ChartingTrends) June 17, 2021
Growth outperforming value by roughly 2.5% today and ~3.5% on the week. $IWF $IWD pic.twitter.com/Spqhrn4xMz
— Bob Sheehan, CMT, CFA (@LighthouseCap23) June 17, 2021
On a rolling 1-year basis, Growth is now back above Value
? $SPYG +38.37%
? $SPYV +35.81%
⚪️ $SPY +37.57% pic.twitter.com/bJzOqcpyEp— Grayson Roze (@GraysonRoze) June 17, 2021
The dollar is having its largest two-day gain since the early days of COVID. pic.twitter.com/CRUASeXmgq
— Bespoke (@bespokeinvest) June 17, 2021
The weekly dollar index chart certainly looks interesting now. Even more so when you consider market positioning. This move has a lot further to go. #EURUSD #Commodities #DXY pic.twitter.com/NYumXp6Zyw
— James Brodie CMT (@jamesrbrodie) June 17, 2021
$DBC-ya! Commodities crumbling.
Maybe that's too dramatic. pic.twitter.com/oLWt8kVrlX— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 17, 2021
2-year yield breakout. pic.twitter.com/M8NOUxJ4YM
— Strategas (@StrategasRP) June 17, 2021
Emotions go both ways pic.twitter.com/gGDBUITDt5
— Brian Shannon, CMT (@alphatrends) June 17, 2021
$COIN monthly chart update pic.twitter.com/EPlcxvBSNT
— Arun S. Chopra CFA CMT? (@FusionptCapital) June 17, 2021
You’re all caught up now. Thanks for reading!