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Today’s Summary
Wednesday, July 13th, 2022
Indices: Russell 2000 -0.12% | Nasdaq 100 -0.14% | S&P 500 -0.45% | Dow -0.67%
Sectors: 2 of the 11 sectors closed higher. Consumer Discretionary led, rising +0.82%. Industrials lagged, falling -1.22%.
Commodities: Crude Oil futures rose +0.58% to $96.40 per barrel. Gold futures gained +0.52% to $1,734 per ounce.
Currencies: The US Dollar Index slipped -0.13%.
Crypto: Bitcoin rose +2.42% to $19,786. Ethereum gained +4.52% to $1,084.
Interest Rates: The US 10-year Treasury yield fell to 2.937%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Crude oil challenges the lower boundary of its current range. The path of least resistance is lower on a daily close below 94.25. $CL_F pic.twitter.com/xaobUd9RYx
— Ian Culley (@IanCulley) July 13, 2022
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Today’s CPI report had inflation at 41-year highs. Ironically, Crude Oil is currently trading near three-month lows, down more than 20% from its recent highs. Ian points out that its testing key support around $94. Typically, the more times a level is tested, the weaker it becomes, and this level has been tested several times in recent months. While many wonder whether inflation data is peaking, one of the biggest drivers of inflation is attempting to break down after a stellar run.
Quote of the Day
“The American people have a love-hate relationship with inflation. They hate inflation but love everything that causes it.”
– William E. Simon
Top Links
The Bears Have Lost Their Best Friend – StockCharts.com
Tom Bowley shares his thoughts on the S&P 500, Crude Oil, and inflation.
The Isn’t Normal – Bespoke
Bespoke examines the flattening of the yield curve.
Jim Bianco joins CNBC Fast Money: 100 in July, 75 in September, Stagflation a Real Possibility – CNBC
In this clip, Jim Bianco discusses the possibility of a 1% rate hike in July.
Treasuries Begin to Base as Stocks Remain Under Pressure – Research by Potomac
Dan Russo highlights some key takeaways from the current market environment.
Top Tweets
All that noise today. And stocks are flat. pic.twitter.com/pZORGvaNer
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 13, 2022
#NQ_F, 4h
Insane 2 months long tug of war between bulls and bears around 11800 level.
Which side is going to win? pic.twitter.com/Y0v376RHy2
— Yuriy Matso (@yuriymatso) July 13, 2022
The S&P 500 is down 20.2% in the first 132 trading days of 2022, the 2nd worst start to a year in history. $SPX pic.twitter.com/Z4VGZc2CY4
— Charlie Bilello (@charliebilello) July 13, 2022
Discretionary vs. Staples
Divergence is still holding up…less enthusiastically.$SPX $SPCC $SPST pic.twitter.com/2eBt4QwoTj
— Shane C. Murphy, MBA, CMT (@murphycharts) July 13, 2022
Have we seen this movie before? The configuration of Treasury yields is starting to look a bit like the fall of 2018, with the 2-year exceeding the 10-year, as the 10-year rolls over. An inflection point? pic.twitter.com/oKXu8uGHMD
— Jurrien Timmer (@TimmerFidelity) July 13, 2022
Back to year 2000 for 2s10s yield curve as inversion deepens pic.twitter.com/JK3iKSr92U
— Liz Ann Sonders (@LizAnnSonders) July 13, 2022
Booms & busts: 3d printers, fuel cells, weed, tech/crypto. $DDD $BLDP $TLRY $MSTR pic.twitter.com/mNABCWt4Od
— Brian G (@alphacharts) July 13, 2022
wouldn't have guessed dillard's would be winning the department store wars 25 years later but here we are pic.twitter.com/fqp1hF1eOa
— Ian McMillan, CMT (@the_chart_life) July 13, 2022
So, what's more important for $BTCUSD here – the 200wkMA or the 2017 highs? Looks like everyone is trying to figure that out.. pic.twitter.com/8ja8TO5tgS
— Drew Wells, CMT, CIMA® (@DrewTheCharts) July 13, 2022
new inflation playlist just dropped ? pic.twitter.com/MIvSi2yPSb
— eToro US (@eToroUS) July 13, 2022
You’re all caught up now. Thanks for reading!