Daily Chart Report π Thursday, October 24, 2024
Powered By:
Todayβs Summary
Thursday, October 24, 2024
Indices: Nasdaq +0.83% | Russell 2000 +0.23% | S&P 500 +0.21% | Dow -0.33%
Sectors: 5 of the 11 sectors closed higher. Consumer Discretionary led by a wide margin thanks to $TSLA, with the sector gaining +3.15%. Materials lagged, falling -1.22%.
Commodities: Crude Oil futures fell -0.82% to $70.19 per barrel. Gold rose +0.71% to $2,749 per oz.
Currencies: The US Dollar Index dropped -0.39% to $104.02.
Crypto: Bitcoin rose +2.53% at $68,155. Ethereum gained +0.48% to $2,534.
Volatility: The Volatility Index fell -0.94% to 19.07.
Interest Rates: The US 10-year Treasury yield dropped to 4.214%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Rob Anderson (@_rob_anderson).
- With the election 11 days away, Rob points out that the seasonal trend for high-beta sectors is about to turn bullish.
- The ratio in blue represents election year seasonality for Cyclical vs. Defensive sectors based on 12 election years since 1972. Cyclical sectors include Energy, Materials, Industrials, Discretionary, Financials, Tech, and Communications.
- Rob points out that Cyclicals have historically started to outperform Defensive sectors a week before Election Day, with outperformance typically lasting 12 months.
Takeaway: In presidential election years, Cyclical sectors have historically turned bullish relative to Defensive sectors a week before the election.
Quote of the Day
βBuy in October,
and get yourself sober.β
- Jeff Hirsch
Top Links
Halloween Trading Strategy Treat Begins Next Week - Almanac Trader
Jeff Hirsch points out that the last four trading days of October and the first three in November have historically been strong.
Is Peter Schiff Right About the Imminent Financial Peril? - Market Misbehavior
David Keller and Peter Schiff discuss Gold and where it fits in today's macro environment.
Bitcoin vs. Gold - Strategas Asset Management
Todd Sohn looks at the recent inflows into Gold and Bitcoin ETFs.
Dollar Rallies, Equities Resist - Stock Market TV
Alfonoso De Pablos looks at the rally in the US Dollar Index ($DXY).
Half a Year of Bulls - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.