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Today’s Summary
Friday, July 2nd, 2021
Indices: Stocks closed at record highs for the 4th of July!…with the exception of Small-Caps. The Dow rose 153 points or 0.44%. The S&P 500 closed at a record high for the seventh straight day, gaining 0.75%. The Nasdaq also closed at a record high, rising 0.81%. The Russell 2000 underperformed by a wide margin, falling 1.01%.
Sectors: 9 of the 11 sectors closed higher. Tech led, gaining 1.32%. Energy lagged, slipping 0.22%.
Commodities: Crude Oil futures were flat and continue to trade around $75.19 per barrel. Gold futures moved higher by 0.61% to $1,788 per ounce.
Currencies: The US Dollar Index dropped 0.31%.
Interest Rates: The 10-year US Treasury yield fell to 1.431%.
??**Reminder: The US Stock Market & Bond Market will both be closed on Monday, July 5th, in observance of Independence Day**??
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Carter Worth (@CarterBWorth). The Nasdaq 100 just closed higher for the 7th consecutive week. Carter points out that the Nasdaq has only done this 17 other times since the inception of the index over 35 years ago. Of those 17 prior instances, the following week closed higher 82% of the time for an average gain of 0.89%, and a median gain of 0.68%. It certainly doesn’t hurt that July has historically been a strong month for the Nasdaq. The market will be closed on Monday for Independence Day. But if history rhymes, there’s a good chance that the Nasdaq will close higher next week.
Quote of the Day
“It has been 241 years since Thomas Jefferson wrote the Declaration of Independence. Being short America has been a loser’s game. I predict to you it will continue to be a loser’s game.”
– Warren Buffett
Top Links
Weekly Market Performance – Growth Leads While Small Caps Pullback – LPL Financial Research
The team at LPL Financial Research breaks down this week’s market performance.
Stocks That Have Gained In Every July Over Their Trading History – Equity Clock
Here’s a list of stocks that have never gone down in July over the course of their trading history.
Where Do We (Investors) Stand – David Cox
In this quick video, Portfolio Manager, David Cox highlights some key technical developments to pay attention to.
Big Triangle Breakouts in Key Tech ETFs – How to Trade a Pullback – StockCharts
Art Hill examines several Tech-related ETFs including, the Software ETF ($IGV), the Cyber Security ETF ($CIBR), the Internet ETF ($FDN), the Semiconductor ETF ($SMH), the Internet of Things ETF ($SNSR) and the Networking ETF ($IGN).
Commodities Weekly: Base Metals Hang Tough as Copper Corrects – All Star Charts
The team at All Star Charts reviews some of the major trends in the Commodities market.
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Top Tweets
Nasdaq 100 gains for a 7th straight week — longest streak since Nov 2019 pic.twitter.com/14tt6xPoNd
— Katie Greifeld (@kgreifeld) July 2, 2021
Indeed, #NYSE and #SPX A/D lines hit new highs yesterday with index achieving new high.
% of stocks trading above their 50-DMA in SPX back to 53%+ pic.twitter.com/OYnKWS0g8u
— Seth Golden (@SethCL) July 2, 2021
The Nasdaq Advance-Decline has yet to break out despite the impressive rally in stocks. This is just one of many internal indicators pointing towards a much more narrow market as we head into the seasonally bullish month of July. $COMPQ $NDX $QQQ pic.twitter.com/Ts4OhPcY7d
— Matthew Timpane, CMT (@mtimpane) July 2, 2021
Discretionary vs Staples (EW): will it break out? pic.twitter.com/AXelSL0vSw
— Dan Russo, CMT (@DanRusso_CMT) July 2, 2021
$XLE If I were going to pick an area of potential overhead supply for crude the mnthly 10y illustrates this as a logical area pic.twitter.com/b9Q5jwwH8u
— Bailey.Baxter2020 (@BBaxter2020) July 2, 2021
Stocks vs Gold ratio closed the month right at the 2018 highs (when risk assets peaked globally).
Is it going to break higher or will this resistance level of 2.54 stand out again?$SPY / $GLD pic.twitter.com/TvW5yWsaXb
— R. Alfonso Depablos (@AlfCharts) July 2, 2021
If you think #equities had a good first half of the year, take a look at #commodities. Up 20%+ in H1. pic.twitter.com/ZuXg4d0v4b
— jeroen blokland (@jsblokland) July 2, 2021
$URTH MSCI World Index Fund – Weekly
Going out at a new price high and a new relative low at the same time. pic.twitter.com/unmtDtpTF0— Pratyush Tulsian (@PrattyCharts) July 2, 2021
Only 20% of global markets made new highs last month.
That's the smallest percentage for a month in which the ACWI closed at a new high since Spring 2015. pic.twitter.com/U9TEv3YOlE
— Willie Delwiche (@WillieDelwiche) July 2, 2021
$AMZN so many eyes on this as it's closing the week strong. Plain line chart makes it easy to see this looks like it might be a big deal pic.twitter.com/c6DDWqauVD
— Gregory Krupinski (@G_krupins) July 2, 2021
Happy 4th! pic.twitter.com/BkD2jw7EXk
— Mitchell (@toogood2fail) July 2, 2021
You’re all caught up now. Thanks for reading!