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Todayβs Summary
Wednesday, December 27, 2023
Indices: Russell 2000 +0.34% |Β Dow +0.30% | Nasdaq 100 +0.17% | S&P 500 +0.14%
Sectors: 8 of the 11 sectors closed higher. Real Estate led, rising +0.57%. Energy lagged, falling -0.44%.
Commodities: Crude Oil futures dropped -1.93% to $74.11 per barrel. Gold futures rose +1.13% to an all-time high of $2,093 per oz.
Currencies: The US Dollar Index dropped -0.81% to a five-month low of $100.95.
Crypto: Bitcoin gained +2.27% to $43,473. Ethereum rose +6.71% to a 19-month high of $2,381.
Volatility: The Volatility Index fell -4.31% to 12.42.
Interest Rates: The US 10-year Treasury yield dropped to a five-month low of 3.798%.
Here areΒ the best charts, articles, and ideas shared on the web today!
Chart of the Day
If the month were to end today, this would be the Russell 2,000's third biggest 2-month gain (+24.3%) in its history. Still 2 trading days to go…
Biggest 2-month gains in the Russell's history:
Nov-Dec '20: +28.4%
Mar-Apr '09: +25.3%
Nov-Dec '23: +24.3%*
Oct-Nov '82: +24.2% pic.twitter.com/IMIfgcaofL— Bespoke (@bespokeinvest) December 27, 2023
Todayβs Chart of the Day was shared by Bespoke (@bespokeinvest). November and December have historically been the best months for the Russell 2000, but they were even better than usual this year. Bespoke points out that the Small-Cap index has surged +24.3% since the end of October, marking its third-best two-month gain ever. Thrusts of this magnitude are rare, but they’ve exclusively occurred in the early stages of bull markets, after major cyclical lows.
Quote of the Day
“The man who reads nothing at all is better educated than the man who reads nothing but newspapers.”
β Thomas Jefferson
Top Links
The Top Five Charts of 2023 – StockCharts
David Keller highlights five noteworthy charts from this past year.
Canaccord Genuity’s Chief Strategist Sees Solid Market in Year End – CNBC
Tony Dwyer shares his thoughts on the current market environment and the year ahead.
Gold Indicator Testing Important Bullish Breakout Level! – Kimble Charting Solutions
Chris Kimble breaks down a ratio chart of Gold vs. the US Dollar Index.
JP Morgan (Performance) Chase – Bespoke
Bespoke looks at the relentless rally in shares of JP Morgan ($JPM).
Top Tweets
Dow Jones Industrials closed at another all-time high and has traded green in 12 of the last 14 days pic.twitter.com/1aJOeLNkSh
— Barchart (@Barchart) December 28, 2023
$SPY <1% from ATHs. ππΏ pic.twitter.com/cVZIkjX4J5
— TrendSpider (@TrendSpider) December 28, 2023
$SPX S&P 500 Index YTD price path.
What a wild year for US stocks! pic.twitter.com/qDhND8vUqt
— Shane C. Murphy (@murphycharts) December 27, 2023
$IWM now beating $QQQ over the last 6 months @RyanDetrick pic.twitter.com/o40Nza2gNp
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) December 27, 2023
10-year Treasury yields back below 3.8% for the first time since July pic.twitter.com/zOCbqHNisw
— Katie Greifeld π (@kgreifeld) December 27, 2023
When you hear everyone saying the same thing don't overthink it too much, just sorta 'close your eyes/ears' and look for an entry on the other side.$TLT $TNX pic.twitter.com/Tg0D5KtcUS
— Arun S. Chopra CFA CMTπ§ (@FusionptCapital) December 27, 2023
Here's a structural outlook for the US Dollar Index $DXY
Below the previous highs from 2016 and 2020, the bias is higher for stocksπ
Above 103.75, there could be headwinds for risk assetsπ pic.twitter.com/NGVhUnt859
— Alfonso Depablos (@AlfCharts) December 27, 2023
Shhhhhhh! Don't anyone say anything about the potential dirtnap in the $DXY below 100.00. Just buy some more gold $GLD and eeeeeeeeeverything will be fine. pic.twitter.com/7iJxmRFWNA
— Tony Greer (@TgMacro) December 27, 2023
$GLD testing a 21-month high. Has failed in this range 3x over the last 4 years. Needs a strong close > 195 soon. pic.twitter.com/Hg3qcz1xBU
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) December 27, 2023
As we approach 2024 one of my favorite trades for the upcoming year is long Japanese equity indexes – Nikkei, Topix. Nikkei displays right angled broadening pattern $N225M
Buy it now — thank me later pic.twitter.com/s7h76hUJxa— Peter Brandt (@PeterLBrandt) December 27, 2023
Tesla and Bitcoin pic.twitter.com/9Pl44BoTRx
— J.C. Parets (@allstarcharts) December 27, 2023