Daily Chart Report π Monday, October 28, 2024
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Todayβs Summary
Monday, October 28, 2024
Indices: Russell 2000 +1.63% | Dow +0.65% | S&P 500 +0.27% | Nasdaq 100 0.00%
Sectors: 9 of the 11 sectors closed higher. Financials led, gaining +1.24%. Energy lagged, falling -0.63%.
Commodities: Crude Oil futures had their worst day in over two years, dropping -6.13% to $67.38 per barrel. Gold futures inched higher by +0.05% to $2,756 per oz.
Currencies: The US Dollar Index was flat at $104.30.
Crypto: Bitcoin rose +2.91% to $69,918. Ethereum rose +2.41% to $2,565.
Volatility: The Volatility Index fell -2.61% to 19.79.
Interest Rates: The US 10-year Treasury yield rose to a three-month high of 4.284%.
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 Ryan Detrick (@RyanDetrick).
- Ryan points out that the 'best six months' begin on Friday as we turn our calendars. November through April has historically been the best six-month stretch of the year, rising 77% of the time for an average gain of +7.1%.
- May through October has historically been the 'worst six months,' rising only 65% of the time, for an average loss of -1.7%. However, investors who "sold in May and went away" missed out on +15.6% this year, making it one of the strongest 'worst six months.' since 1950.
- Ryan also noted that when the S&P 500 rises double digits during its 'worst six months,' the following year has been higher 91% of the time, for an average gain of +13.2%.
Takeaway: The 'best six months' are around the corner, and the 'worst six months' were much stronger than usual. To quote the legendary Walter Deemer, "When the market doesnβt do something it should do, it usually means that the underlying trend is unusually powerful.β
Top Links
November Top Month in Election Years - Almanac Traders
Jeff Hirsch examines how stocks have historically performed in November during election years.
Waiting to Exhale for the Transports - Bespoke
Bespoke highlights the Dow Transportation Index.
Don't Be That Guy - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss seasonality, the election, Bitcoin, Argentina, and more.
Why Iβm Overweight DOGE - The Strazza Letter
Steve Strazza looks at risk appetite and Dodgecoin.
Quote of the Day
"If only we could pull out our brain and use only our eyes."
- Pablo Picasso
Top Tweets