Daily Chart Report ? Friday, May 3rd, 2019
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Today’s Summary
Friday, May 3rd, 2019
Indices: US stocks ended the week on a strong note with the Dow Jones Industrial Average closing up 197 points or 0.75%. The Russell 2000 was the strongest of the major US indices, closing up 1.98%.
Sectors: All 11 S&P sectors finished positive today. Industrials led, closing up 1.21%. Utilities lagged but still gained 0.55%.
Commodities: WTI Crude Oil futures were more or less flat, changing just 0.08% to settle at $61.86. Gold futures were higher by 0.64% to settle at $1,280 per ounce.
Currencies: The US Dollar Index fell 0.35%.
Interest Rates: The US 10-year Treasury Yield fell to 2.53 %.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Charlie Bilello (@charliebilello). It’s a chart showing the S&P 500, Nasdaq Composite, Russell 3000, and the Wilshire 5000. In his tweet, Charlie points out that all four indices ended the week at all-time highs! We like this chart because it sums up the bullish, risk on environment that we’re in. In addition, the chart speaks to the healthy market internals and broad participation that we’re seeing right now as the Wilshire 5000 represents 98% of all investable US equities.
Quote of The Day
“No profession requires more hard work, intelligence, patience and mental discipline than successful speculation.”
– Robert Rhea (Author of The Dow Theory)
The Anatomy of a Market Correction – Visual Capitalist
Here’s an awesome infographic on what the average stock market correction looks like.
Stock Market Video Analysis – Brian Shannon – AlphaTrends.net
Trader and Technical analyst, Brian Shannon puts out this weekly video where he recaps the past week and gives his thoughts for the week ahead.
Hedge Fund Telemetry’s Thorton Sees Early Warning Signs of S&P 500 Pullback – Thomas Thorton – Bloomberg
Yesterday on Bloomberg, Thomas Thorton joined host Abigail Doolittle to discuss his outlook on the market. He thinks we’re due for a 5-10% correction in stocks because sentiment is beginning to overheat.
Improving the Best Six Months Strategy by Adding Months and Timing – StockCharts.com
We’ve been talking a lot about “Sell in May and Go Away.” In this article from Arthur Hill, he offers a way to boost the performance of this strategy.
Churchill Downs (CHDN) Off to the Races? – Bespoke
The Kentucky Derby is tomorrow! Here’s a fun note that Bespoke published today on how shares of Churchill Downs ($CHDN) perform on average after the Kentucky Derby. They found that the stock is up 71% of the time the Monday following the race.
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