Daily Chart Report ?Wednesday, February 20th, 2019
Today’s Summary
Wednesday, February 20th, 2019
US stocks were slightly higher in today's session, with the Dow Jones Industrial Average closing up 63 points or 0.24%. The Nasdaq was relatively unchanged, closing down just 0.05%
As for the sectors of the S&P 500, Materials were the leader for the second day in a row and finished up 1.73%. On the other hand, Real Estate was the laggard down 0.68%.
Crude Oil was up 1.5% today to settle at $56.92 a barrel, its highest level year-to-date.
Metals continue to shine (pun intended). Palladium continues to surge higher, and today broke through the $1,500 level for the first time ever! Copper had another strong day up 1.43%. Gold inched higher, but by only 0.17%.
Here are some of the best charts, articles, and ideas being shared on the web today. Enjoy!
Chart of the Day
Today's chart of the day was shared on Twitter, by @JackDamn. The chart shows the performance of Boeing Co. ($BA) in black, compared with the S&P 500 ETF ($SPY). We're less than two months into 2019 and Boeing is already up a staggering 31%! This is notable because it highlights the strength and participation from the large-cap components of the market. The S&P 500 is up over 11% so far this year after a brutal Q4 2018. Many are wondering if we've come too far too fast. It's encouraging to see large-cap Dow components, like $BA hitting all-time highs. When you also consider that small-cap stocks are up 17.5% in less than two months, it's clear that there is broad participation from the individual components of the market.
Quote of The Day
" Success is going from failure to failure without loss of enthusiasm "
-Winston Churchill ( British Prime Minister 1874-1965 )
Top Links
Copper closed at its highest level in 7-months. The metal has a wide range of industrial applications and tends to be a good indicator for global growth. This article features what chart-watchers are saying about Copper right now.
Advance-Decline Line Hits All-time Highs! - J.C. Parets - All Star Charts
In yesterday's chart of the day, we featured a chart from Tom Bruni showing the NYSE Advance-Decline line hitting fresh all-time highs. In this post from All Star Charts, J.C. Parets details why this is a positive development for the bulls.
Some Energy - Peter L. Brandt
Peter Brandt is a trading legend with decades of experience profiting from technical analysis. In this short post from his blog, he shares some charts of the Energy sector that he's got his eye on right now.
Treasury Yields Keep Drifting Lower - Bespoke
Here's a note that Bespoke put out this afternoon that examines the performance of treasury-yields. They explain that the yield curve continues to flatten, with the short end of the curve rising rapidly and the long end dipping slowly.
Freeport-McMoRan Could See an Even Bigger Rally from Here. - Ari Wald - CNBC
Ari Wald, head of technical analysis at Oppenheimer, was on CNBC yesterday commenting on the recent strength from Freeport-McMoRan. Ari thinks that the mining stock has further upside from here, but points out that the stock is still below its 200-day moving average and may need some "longer-term trend work."
