Sponsored By:
Today’s Summary
Monday, December 23rd, 2019
Indices: US stocks closed slightly higher in today’s session, with the Dow Jones Industrial Average gaining 96 points or 0.34%. The S&P 500 and Nasdaq moved higher by 0.09% and 0.23%, respectively. The Russell 2000 inched higher by 0.13%.
Sectors: Energy led, gaining 1.03%. Utilities lagged, falling 0.93%.
Commodities: Crude Oil futures inched higher by 0.13% to $60.52 per barrel. Gold futures gained 0.53% to $1,490 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The US 10-year Treasury yield moved higher to 1.926%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yes. $SPX is up more than 37% in 251 trading days! #winning pic.twitter.com/SnKgbS8PdU
— ? I. Vodenitcharov CFA CMT (@iv_technicals) December 23, 2019
Today’s Chart of the Day was shared on Twitter by @iv_technicals. It’s a chart of the S&P 500 index over the past 20 years. The indicator in the bottom pane shows the 251-day rate of change for $SPX. There are about 251 trading days in a year. Therefore this indicator is similar to the 12-month rate of change or year-over-year performance. @iv_technicals points out that the index is currently up 37% over the past 251-days. As you can see from the chart, this is the strongest 251-day performance in nearly a decade. This “extreme” performance doesn’t necessarily mean that the top is near. In fact, if you look at past scenarios where the 251-day rate of change was this high, the market was still able to continue higher. After all, capital tends to flow where capital is being rewarded.
Quote of the Day
“The idea of waiting for something makes it more exciting.”
– Andy Warhol (Artist)
Top Links
2019 Stock Market Performance Around the World – Bespoke
Bespoke ranks the strongest and weakest foreign equity markets.
Repeating Patterns in Human Behavior – Ciovacco Capital Management
Chris Ciovacco emphasizes that the behavior of market participants doesn’t change much over time, which is why history can serve as a useful guide. He then compares the current market environment to similar scenarios from the past.
Treasury Futures Show Worrisome Sign, Interactive Brokers’ Sosnick Says – Bloomberg
Steve Sosnick of Interactive Brokers and Abigail Doolittle discuss the technical outlook for US Treasury Bonds, and Steve lays out an options trade to take advantage of potential weakness in Bonds.
Near-Record Levels of Optimism – SentimenTrader
In this quick read, Jason Goepfert of SentimenTrader examines sentiment and breadth.
Momentum Monday – Howard Lindzon
Howard Lindzon and Ivanoff flip through dozens of charts to identify the strongest stocks and trends.
Top 10 Tweets
If you don’t believe in Santa Claus, maybe this will help:
Since 1950, the S&P 500 has gained an average of 0.6% in the 52nd calendar week of the year (i.e. Christmas week), its fourth-strongest weekly performance of the year.
— Callie Cox (@callieabost) December 23, 2019
Under-asked question: Is first 30% to be faded? $SPX #CyclicalBullMarket pic.twitter.com/xOC6SttcBy
— Mark Ungewitter (@mark_ungewitter) December 23, 2019
The S&P is now internally overbought, that's usually a sign of momentum in the next few quarters but often after an interim pause. 2019 is ending in a distorted mirror's image of 2018. pic.twitter.com/zPOelwc0MN
— RenMac: Renaissance Macro Research (@RenMacLLC) December 23, 2019
$SOCL testing key resistance…
and working on its 9th straight gain…
which has happened only once before (9/3-9/13/13) in its 8-year history.#markets pic.twitter.com/aEm6VCYDv7
— Frank Cappelleri (@FrankCappelleri) December 23, 2019
US DOLLAR INDEX – really solid bounce here – but chasing longs in the flag pattern will require caution as you approach the edges pic.twitter.com/YvFxKxBSTv
— Anne-Marie Baiynd (@AnneMarieTrades) December 23, 2019
In honor of Burl Ives (he sang “Silver & Gold” in “Rudolph the Red-Nosed Reindeer” Christmas show), here’s a look @ both. pic.twitter.com/c5OF2kAWT1
— Wolfe Daily Howl (@WolfeDailyHowl) December 23, 2019
Chart Of The Day (Year?): Apple $AAPL Stock now officially a DOUBLE since its warning the 2nd day of the year
(UNLOCKED) TLS Post 1/3/19: https://t.co/fWwGFFQoFJ pic.twitter.com/rEAeYSl2C1— Dana Lyons (@JLyonsFundMgmt) December 23, 2019
Apple has gained more than half a trillion dollars in market cap this year. pic.twitter.com/maLjoBhUwh
— Michael Batnick (@michaelbatnick) December 23, 2019
Not all winners from the past decade are well known. HT @Stocktwits $PATK pic.twitter.com/KBVE7miRwz
— Frances Horodelski (@fhoro) December 24, 2019
Chart of Tilray. Honestly, I've seen better. pic.twitter.com/3mOMNbKgNb
— Eddy Elfenbein (@EddyElfenbein) December 23, 2019
You’re all caught up now. Thanks for reading!