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Today’s Summary
Wednesday, November 10th, 2021
Indices: Dow -0.66% | S&P 500 -0.82% | Nasdaq -1.66% | Russell 2000 -1.55%
Sectors: 3 of the 11 sectors closed higher. Utilities led, gaining 0.81%. Energy lagged, falling 2.64%.
Commodities: Crude Oil futures dropped 3.39% to $81.30 per barrel. Gold futures continued higher by 1.14% to a five-month high of $1,852 per ounce.
Currencies: The US Dollar Index had its best day since June, gaining 0.94%.
Interest Rates: The US 10-year Treasury yield rose to 1.570%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Special update on Gold:
Daily Sentiment is turning UP from a Major capitulation.
Every year since 2013, Gold started a huge year-end rally from similar conditions.
Price may be finishing a *massive* Base at 2011 highs.
The holidays could be getting started – watch closely. pic.twitter.com/Lq1Ypbl2My
— Macro Charts (@MacroCharts) November 10, 2021
Today’s Chart of the Day was shared by Macro Charts (@MacroCharts). It’s a chart of Gold over the past decade along with a daily sentiment indicator below. Gold has been dead money for more than a year now. It hasn’t participated in the recent commodities bull market at all. However, the tide may be turning as the yellow metal reached a five-month high in today’s session. As Macro Charts points out, sentiment is beginning to improve after major capitulation. The decade-long base remains intact, and seasonality is a tailwind over the next few months. Keep an eye on Gold in the near term as it attempts to reclaim the 2011 highs.
Quote of the Day
“Fear is a reaction.
Courage is a decision.”
– Winston Churchill
Top Links
A Pause That Refreshes? – Potomac Fund Management
Dan Russo highlights several key technical developments.
Relative Strength Breakdown for Industrial Metals – Bespoke
Bespoke points out that precious metals are beginning to outperform industrial metals.
Cryptocurrencies Have Positive Momentum, Fairlead Says – Bloomberg
Katie Stockton shares her thoughts on Bitcoin and Ethereum.
Stock Market Analysis November 10, 2021 – AlphaTrends
In this quick video, Brian Shannon analyzes recent price action and lays out some key levels to watch in the near term.
Time for Commodities to Out-Perform Equities for Years to Come – Kimble Charting Solutions
Chris Kimble breaks down a long-term ratio chart of stocks vs. commodities.
Top Tweets
Remember early in November stocks historically do well (check), but the middle of November can be pretty choppy.
We are right in the middle of the choppy part. pic.twitter.com/FxqPN8m9Gh
— Ryan Detrick, CMT (@RyanDetrick) November 10, 2021
$ARKK Another fake out for eager bulls at the 200 day moving average… pic.twitter.com/7MeKpIpbJt
— Greg Rieben (@gregrieben) November 10, 2021
Gold hits 5 month high – Time to ask where this could go.
Zoom out on $GLD for 20 years and we see a massive base that never got the breakout. Then a second much smaller base appears to be occurring as we have stopped hitting lower lows. Now we see new highs. pic.twitter.com/45HWsX14bN
— Jay R. Ligon (@TheeDisruptor) November 10, 2021
1 of the #GOLD bugs out there.$GLDhttps://t.co/I1gTYxEBzW pic.twitter.com/4WIS2qKGQy
— Sam McCallum ??????? (@honeystocks1) November 10, 2021
Is the tide turning in favor of Precious Metals? $DBB $DBP pic.twitter.com/t15i7nwz8N
— Ian Culley (@IanCulley) November 10, 2021
The U.S. Dollar $DXY eclipses the September 21, 2020 high. Going higher? Not a recommendation pic.twitter.com/OuctEHQ7q9
— Pat Mullaly, CMT (@PMullaly_TDA) November 10, 2021
The gap between 2-year and 30-year Treasury yields narrows to the least since November. pic.twitter.com/xycbPdI9bf
— Lisa Abramowicz (@lisaabramowicz1) November 10, 2021
Yield curve steepening cycles: for the past three, the average length of a steepening cycle was 929 days (or about 2.5 years). But obviously, this recession was much shorter. Have we reached peak yield curve steepness yet? pic.twitter.com/QFeLu3dMhF
— Nick Reece, CFA (@nicholastreece) November 10, 2021
Altcoin index testing all-time highs $ALT $ETH $BNB $ADA $LTC pic.twitter.com/DKP8D1WXco
— Steven Strazza (@sstrazza) November 10, 2021
Please don't be surprised when a stock like $TSLA bounces off a big round number like $1000. Big round numbers matter because investors think they matter…….. pic.twitter.com/4WlX8OmGrJ
— David Keller, CMT (@DKellerCMT) November 10, 2021
17 up days in 19 sessions: ?????
2 minor down days: ?????— Eddy Elfenbein (@EddyElfenbein) November 10, 2021
You’re all caught up now. Thanks for reading!