Sponsored By:
Today’s Summary
Friday, September 11th, 2020
Indices: US Stocks were mixed in today’s session. The Dow Jones Industrial Average rose 131 points or 0.48%. The S&P 500 was flat, changing just 0.05%. The Nasdaq slipped 0.60%. The Russell 2000 underperformed, falling 0.70%.
Sectors: Industrials led, gaining 1.36%. Tech lagged, dropping 0.76%.
Commodities: Crude Oil futures were flat and continue to trade at 37.33 per barrel. Gold futures slipped 0.35% to $1,948 per ounce.
Currencies: The US Dollar Index inched lower by 0.09%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.664%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Holding up well and consolidating above support here. Something to keep an eye on in the coming weeks. pic.twitter.com/wZPLZiGyTw
— Ian McMillan, CMT (@the_chart_life) September 11, 2020
Today’s Chart of the Day was shared on Twitter by Ian McMillan (@the_chart_life). It’s a ratio chart of Gold vs. the S&P 500 over the past thirteen years. There hasn’t been much to say about Gold in recent weeks. The yellow metal broke out to all-time highs in July and quickly climbed above $2,000 per ounce. Since then, Gold has been coiling into a tight range as it digests its early-summer gains. On a relative basis, Ian points out that Gold has been consolidating above support after breaking out of a multi-year base. If this consolidation resolves higher, it will mean Gold is reasserting its leadership over Stocks. Stocks often get all the attention, but let’s not forget that Gold has outperformed the S&P 500 by more than 2x over the past 12 months. After a month of consolidating its gains, could Gold be ready to step back into the spotlight?
Quote of the Day
“One of the worst days in America’s history saw some of the bravest acts in Americans’ history. We’ll always honor the heroes of 9/11.”
– George W. Bush
Top Links
The Most and Least Heavily Shorted Stocks in the Russell 1,000 – Bespoke
Bespoke takes a look at the most and least shorted stocks in the Russell 1,000.
Where Do We (Investors) Stand – David Cox
Portfolio Manager, David Cox highlights some of the most important technical developments to be aware of next week.
Stock Market Video Analysis for Week Ending 9/11/20 – AlphaTrends.net
In this video, Brian Shannon reviews this week’s price action and lays out some levels of interest to keep an eye on next week.
Dow Jones Industrials Could Be Topping After Filling Big Gap – See It Market
Chris Kimble points out that the Dow Jones Industrial Average failed to fill its February gap.
Crude Oil’s Slippery Slope – What The FICC?
In this week’s episode of What The FICC? Tom Bruni shares his thoughts on Crude Oil and Energy Stocks.
Top Tweets
Trusty S&P 500 50-day moving average holds again pic.twitter.com/ROuXoomNnk
— Sarah Ponczek (@SarahPonczek) September 11, 2020
Worst week for the Nasdaq 100 since March pic.twitter.com/FjLuSZVumU
— Katherine Greifeld (@kgreifeld) September 11, 2020
This chart shows the percentage of time that the #SP500 has spent at various degrees of drawdown. This is a daily time series going way back to 1900. Note that the market has spent 64% of its time in a drawdown of up to 5%. pic.twitter.com/TfAVZ03oI4
— Jurrien Timmer (@TimmerFidelity) September 11, 2020
I don't know why, but it always surprises me that it took 15 years or so for March 2000 $QQQ investors to reach new highs pic.twitter.com/i4ojPjsvyV
— Lawrence Hamtil (@lhamtil) September 11, 2020
10x Genomics finally breaking out of this base on an absolute basis and relative to the ARKG Genomics ETF for which it's a holding in.
Is this going to be a new leader in the group? $TXG pic.twitter.com/bIVzIciX1b
— Louis (@haumicharts) September 11, 2020
Junk bonds holding up pretty well, suggesting things are not so bad. $JNK pic.twitter.com/keyLaJHkwD
— Michael Kahn, CMT (@mnkahn) September 11, 2020
#CRB #Commodities CRB Raw Industrials Index Swing Up Signal.https://t.co/PnBVIh2GbQ pic.twitter.com/TMgRCHQ00P
— Nautilus Research (@NautilusCap) September 11, 2020
Looks like gold doesn't want to do anything this week, so we wait! #GC_F pic.twitter.com/drb2E9zwhM
— Michael Turvey (@MikeTurvey_TDA) September 11, 2020
Buy, sell, or gold? In gold terms, global equities topped in 2018. One reason to hold at least some gold, as long as it maintains an uptrend versus your national currency. $SPX $VGK $VPL $VWO pic.twitter.com/NIWi2GpZS4
— Mark Ungewitter (@mark_ungewitter) September 11, 2020
A fun little Friday trivia question:
If you sorted S&P 500 stocks by the first letter of their company name, which letter would have the highest return this year? (assuming equal weight)
— Callie Cox (@callieabost) September 11, 2020