Daily Chart Report ? Tuesday, July 2nd, 2019
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Today’s Summary
Tuesday, July 2nd, 2019
Indices: US stocks were higher in today’s session with the Dow Jones Industrial Average gaining 69 points or 0.26%. The Russell 2000 was the weakest of the major indices, falling 0.58%.
Sectors: Real Estate led, gaining 1.85%. Energy lagged, falling 1.60%.
Commodities: Crude Oil futures dropped 4.81% to settle at $56.25 per barrel. Gold futures were higher by 1.37% to settle at $1,408 per ounce.
Currencies: The US Dollar Index fell just 0.08%.
Interest Rates: The US 10-year Treasury yield fell back below 2% to 1.976%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by Rich Meatto (@koyfinTrader). It’s a chart showing the performance of all 11 sectors of the S&P 500, over the trailing 12-months. Rich highlights how poorly the Energy sector ($XLE) has fared relative to the other sectors. As you can see, $XLE is down 14.85% while the S&P 500 ($SPY) is up 11.15%. Not only is it the worst performing sector by far, but it’s also the only sector that’s in negative territory. In addition, you’ll notice $XLE is one of the only sectors in a clear downtrend. The Energy sector is highly correlated to Crude Oil. Today provided no relief for the sector with Crude Oil falling below both the 50 and 200-day moving averages, plummeting 4.81%, making Energy the worst performing sector on the day. For now, there’s little evidence to suggest that Energy will stabilize and catch-up to the other sectors.
Quote of The Day
“The usual bull market successfully weathers a number of tests until it is considered invulnerable, whereupon it is ripe for a bust.”
– George Soros (Investor)
Top Links
Mark Newton of Newton Advisors joined host Abigail Doolittle on Bloomberg today to discuss the dollar-yen currency pair and lay out his bullish thesis on the Nikkei.
It's OK to be Wrong, It's not OK to Stay Wrong - My Worst Investment Ever
Here's a podcast with David Keller of Sierra Alpha Research. He talks about his process and how he combines technical analysis, behavioral finance, and data visualization.
Top Market Technician Says the Biotech Breakout is Just Getting Started - CNBC
In this clip, Carter Worth of Cornerstone Macro does a deep dive on the Biotech sector. He explains why he likes Biotech despite the poor performance from the Healthcare sector.
Jumbo First Half Gains Usually Continue After a Pause - Almanac Trader
The first six months of 2019 are in the books and the Dow had one of its best first-half performances since 1999! Using historical data, seasonality expert, Jeff Hirsch takes a look at what a strong first half typically signals for the rest of the year.
These Stocks Can Pick You Up - StockCharts.com
In this article, Greg Schnell of StockCharts.com shares his thoughts on two IPO stocks, $UBER, and $LYFT. He includes charts of both and outlines some specific levels and indicators that he's watching.
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