Daily Chart Report ? Wednesday, June 26th, 2019
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Today’s Summary
Wednesday, June 26th, 2019
Indices: US stocks were a mixed bag in today’s session with the Dow Jones Industrial Average falling just 11 points or 0.04%. The Nasdaq was the strongest of the major indices, gaining 0.32%.
Sectors: Energy led, gaining 1.54%. Utilities lagged, falling 2.18%.
Commodities: Crude Oil futures were higher by 2.70% to settle at $59.39 per barrel. Gold futures were lower by 0.21% to settle at $1,415 per ounce.
Currencies: The US Dollar Index gained just 0.04%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.05%
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 Arun Chopra, of Fusion Point Capital (@FusionptCapital). It’s a chart of Bitcoin with two headlines from CNBC. One was published on December 4th, 2017, about 2 weeks before it peaked. It read: “CBOE announces bitcoin futures to start trading Sunday”. The other headline was published on March 18th, 2019, when bitcoin was stuck under $4,000 and had been left for dead. This one read: “CBOE to stop listing bitcoin futures as interest in crypto cools.” Bitcoin is up about 245% since that second headline was published just a few months ago. I’ve heard speculation that the introduction of Bitcoin futures by Cboe was the proverbial straw that broke the camels back, as it provided institutions a vehicle to short Bitcoin that they didn’t have before. Regardless, we like this chart because it speaks to the fact that headlines tend to follow price. In addition, the chart echos one of our favorite market aphorisms; “Buy when there’s blood in the streets.”
Quote of The Day
“Trends, like horses, are easier to ride in the direction they are going.”
– John Naisbitt (Author)
Top Links
Crypto Back in the Limelight – The Chart Report
Over the past few months, Bitcoin has been partying like it was 2017! It soared to a new 52-week high today and is up over 230% year-to-date. In this report, we highlight what some of the best technicians are saying about the rally.
The Fed-Fueled Rallies in Stocks, Bonds, and Gold. – Real Vision
Chris Verrone of Strategas Research Partners made an appearance on Real Vision today to share his thoughts on the S&P 500, Bonds and Gold. Check it out, it’s a great interview!
Another Failed Attempt – All Star Charts
In this post, Tom Bruni of All Star Charts presents a chart that he thinks sums up the current market environment. It’s a chart of the Russell 3000 Growth Index that shows a failed breakout and a bearish momentum divergence.
One FANG Stock Could be the Best Catch-up Trade to Chase the Market Rally – CNBC
Oppenheimer’s head of technical analysis, Ari Wald was on CNBC yesterday to lay out his bullish outlook on Netflix ($NFLX).
Bitcoin Going Parabolic Once Again – Fibonacci.com
Here’s a piece from Tarek Saab of Fibonacci.com where he discusses the epic rally in Bitcoin right now. He also offers up some of the specific levels and indicators that he’s watching.
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