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Today’s Summary
Wednesday, June 26th, 2019
Indices: US stocks were a mixed bag in today’s session with the Dow Jones Industrial Average falling just 11 points or 0.04%. The Nasdaq was the strongest of the major indices, gaining 0.32%.
Sectors: Energy led, gaining 1.54%. Utilities lagged, falling 2.18%.
Commodities: Crude Oil futures were higher by 2.70% to settle at $59.39 per barrel. Gold futures were lower by 0.21% to settle at $1,415 per ounce.
Currencies: The US Dollar Index gained just 0.04%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.05%
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Arun Chopra, of Fusion Point Capital (@FusionptCapital). It’s a chart of Bitcoin with two headlines from CNBC. One was published on December 4th, 2017, about 2 weeks before it peaked. It read: “CBOE announces bitcoin futures to start trading Sunday”. The other headline was published on March 18th, 2019, when bitcoin was stuck under $4,000 and had been left for dead. This one read: “CBOE to stop listing bitcoin futures as interest in crypto cools.” Bitcoin is up about 245% since that second headline was published just a few months ago. I’ve heard speculation that the introduction of Bitcoin futures by Cboe was the proverbial straw that broke the camels back, as it provided institutions a vehicle to short Bitcoin that they didn’t have before. Regardless, we like this chart because it speaks to the fact that headlines tend to follow price. In addition, the chart echos one of our favorite market aphorisms; “Buy when there’s blood in the streets.”
Quote of The Day
“Trends, like horses, are easier to ride in the direction they are going.”
– John Naisbitt (Author)
Top Links
Crypto Back in the Limelight – The Chart Report
Over the past few months, Bitcoin has been partying like it was 2017! It soared to a new 52-week high today and is up over 230% year-to-date. In this report, we highlight what some of the best technicians are saying about the rally.
The Fed-Fueled Rallies in Stocks, Bonds, and Gold. – Real Vision
Chris Verrone of Strategas Research Partners made an appearance on Real Vision today to share his thoughts on the S&P 500, Bonds and Gold. Check it out, it’s a great interview!
Another Failed Attempt – All Star Charts
In this post, Tom Bruni of All Star Charts presents a chart that he thinks sums up the current market environment. It’s a chart of the Russell 3000 Growth Index that shows a failed breakout and a bearish momentum divergence.
One FANG Stock Could be the Best Catch-up Trade to Chase the Market Rally – CNBC
Oppenheimer’s head of technical analysis, Ari Wald was on CNBC yesterday to lay out his bullish outlook on Netflix ($NFLX).
Bitcoin Going Parabolic Once Again – Fibonacci.com
Here’s a piece from Tarek Saab of Fibonacci.com where he discusses the epic rally in Bitcoin right now. He also offers up some of the specific levels and indicators that he’s watching.
Top 10 Tweets
Bitcoin -12% in the last 30 mins… but still up 7% on the day…
— Jonathan Krinsky,CMT (@jkrinskypga) June 26, 2019
Transports have been lagging badly for five years. Here are the Dow Transports divided by the Dow Industrials going back, why not, 110 years. pic.twitter.com/eEETwLF22R
— Eddy Elfenbein (@EddyElfenbein) June 26, 2019
I'm bullish if we're above ~$288 $SPY
below that and I think you have to be more neutral/leaning defensive pic.twitter.com/ZqzP5oO1hH
— BostonCharts (@bostonchaahhts) June 26, 2019
My "Charts of the Week" report went out this morning to those on my distribution list. Main point: I'll turn defensive very quickly if the $SPX falls below 2875 because of charts like the attached. Breadth is lackluster too and needs to improve quickly. $SPY $QQQ $DJIA $IWM pic.twitter.com/jjtzAwQcao
— Andrew Adams CFA, CMT (@DayTraderGator) June 26, 2019
$AAPL 191.50 level should be important over the next few days. it is the intersection of the VWAP from the 2019 high and the June low pic.twitter.com/jLt8RzxoJQ
— Brian Shannon, CMT (@alphatrends) June 26, 2019
$BMA Strong stock. Nice little pop out of the flag today pic.twitter.com/feFrp9X9oP
— Gregory Krupinski (@G_krupins) June 26, 2019
Frontier Markets ETF ($FM).
Very interesting base formation developing.
Note the reference pattern back in 2016:
Prices extended above a flat 200dma, which made it start rising. Then a bit more basing to finish the turn.
Support maybe low ~28s, then perhaps the *core* rally? pic.twitter.com/WkpzEYYoSw
— Macro Charts (@MacroCharts) June 26, 2019
#bitcoin is up more than USD 2000 today. Using Bloomberg data, it's the third time that this has happened. The other two were in December 2017. pic.twitter.com/g5WloXT5zO
— jeroen blokland (@jsblokland) June 26, 2019
I know @tracyalloway has a patent on this chart, but the Avocadoes vs. Bitcoin chart really is outstanding pic.twitter.com/aKLvnXsLLx
— Joe Weisenthal (@TheStalwart) June 26, 2019