Daily Chart Report π Monday, November 11, 2024
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Todayβs Summary
Monday, November 11, 2024
Indices: Russell 2000 +1.47% | Dow +0.69% | S&P 500 +0.10% | Nasdaq -0.05%
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.02%. Real Estate lagged, dropping -0.87%.
Commodities: Crude Oil futures dropped -3.32% to $68.04 per barrel. Gold had one of its worst sessions in three years, dropping -2.86% to $2,618 per oz.
Currencies: The US Dollar Index rose +0.54% to a four-month high of $105.52.
Crypto: Bitcoin surged +10.38% to an all-time high of $88,770. Ethereum rose +5.95% to a three-month high of $3,376.
Volatility: The Volatility Index inched higher by +0.20% to 14.96.
Interest Rates: The US 10-year Treasury yield rose to 4.335%.
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 Peter Brandt (@PeterLBrandt).
- Bitcoin reached an all-time high of $89k today after another steller post-election breakout last week. In contrast, Gold ($GLD) is having its worst month in a year, pulling back -6% from its peak on a closing basis.
- While $GLD is having a great year, up +27% YTD, Bitcoin has doubled (+110%) over the same period. It's already winning the fight, but Peter points out that Bitcoin is about to deliver a knock-out punch to Gold.
- Gold has an estimated market cap of $17.9 Trillion, making it 6x larger than the entire Crypto market ($2.9T). However, unlike prior cycles, large institutions with big money now have a range of ETFs and crypto-related vehicles to enter this up-and-coming asset class.
The Takeaway: Bitcoin has already dominated Gold this year, but the ratio hasn't even broken out yet. Gold has rallied significantly over the past year. However, if this ratio breaks out, money could easily rotate from 'Physical Gold' to 'Digital Gold' in the coming months/years.
Top Links
Zoom Out. People Are Still Sad - All Star Charts
JC Parets check on market sentiment.
Woods: Now We Can Focus on What Stocks Will Lead Us. - CNBC
Jay Woods shares his thoughts on the current market environment.
Secular Bull Market Continues But With Major Rotation - StockCharts
Tom Bowley highlights the rotation into the Consumer Discretionary sector.
Emotional Bodyguard - The Weekly Trend
David Zarling and Ian McMillan discuss the market's reaction to the election.
Quote of the Day
"Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win."
- Sun Tzu
Top Tweets