Daily Chart Report ? Tuesday, July 16th, 2019
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Today’s Summary
Tuesday, July 16th, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average falling 24 points or 0.09%. The Nasdaq was the weakest of the major indices, falling 0.43%.
Sectors: Industrials led, gaining 0.64%. Energy lagged for the second day in a row, falling 1.06%.
Commodities: Crude Oil futures tumbled 3.26% to settle at $57.58 per barrel. Gold futures fell 0.33% to $1,409 per ounce.
Currencies: The US Dollar Index rose 0.46%.
Interest Rates: The US 10-year Treasury yield moved higher to 2.106%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Matt Weller of FOREX.com (@MWellerFX). It’s a chart comparing the performance of the Renaissance IPO ETF ($IPO) to the S&P 500 ETF ($SPY). Matt notes that despite disappointing performance from two highly anticipated IPOs, $UBER, and LYFT, the IPO ETF is still outperforming the S&P 500 by a long shot. $IPO is up about 41% year-to-date while $SPY is up about 21%. Some of the top holdings in the $IPO ETF include; $ELAN, $VICI, $ROKU, $DOCU and $PAGS. You could view this as a positive for the broader market as it demonstrates investors’ willingness to take risk.
Quote of The Day
“I never use valuation to time the market. I use liquidity considerations and technical analysis for timing”
– Stanley Druckenmiller (Hedge Fund Manager)
Top Links
In this week's Chart of the Week column, we analyze the Millenials Thematic ETF, $MILN. We show that the $MILN is outperforming the broader market and we take a look at some of the individual components within it.
2% Days Few and Far Between - Bespoke
The past two days have been relatively quiet for the market. This short read from bespoke examines the frequency of 2% daily moves in the S&P 500.
New Highs is a Common Theme - All Star Charts
In this piece, JC Parets of All Star Charts shares his thoughts on the flurry of all-time highs in the US stock market right now.
Buying the Breakout in Consumer Discretionary - Real Vision
Katie Stockton of Fairlead Strategies made an appearance on Real Vision today to outline a bullish trade idea on the Consumer Discretionary ETF, $XLY.
Losing Dollars vs. Losing Percentages - Of Dollars and Data
Here's a great blog post from Nick Maggiulli of Ritholtz Wealth Management. He explores the difference between thinking about losses in Dollar terms vs. Percentage terms.
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