Daily Chart Report ? Tuesday, July 30th, 2019

Today’s Summary
Tuesday, July 30th, 2019

Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average inching down 23 points or 0.09%. On the other hand, the Russell 2000 gained 1.06%.

Sectors: Energy led, gaining 1.13%. Utilities lagged, falling 0.76%.

Commodities: Crude Oil futures rose 1.95% to $57.98 per barrel. Gold futures gained 0.61% to $1,441 per ounce.

Currencies: The US Dollar Index inched higher by 0.03%.

Interest Rates: The US 10-year Treasury yield moved higher to 2.06%

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 Walter Deemer (@WalterDeemer). It’s a 5-year line chart of Gold priced in British Pounds. Deemer jestfully points out that the shiny metal has performed much better denominated in British Pounds than it has in US Dollars in recent years. This is true as Gold in US Dollars has rallied roughly 35% off its 2015 lows but is up a cool 65% priced in British Pounds. This outperformance is due to the long-term strength in the US Dollar vs the Pound. In fact, as a result of the Dollar’s decade-long strength vs other major currencies, Gold priced in these non-US Dollar currencies is actually near or at all-time highs in many cases. This is true for Gold priced in Yen, the Aussie Dollar, and the Canadian Dollar. Gold priced in US Dollars still has a lot of work to do to catch up as it is still 35% off its all-time highs from 2011.

Quote of The Day

Beat the Heat – The Get Ready for the Future Show 
About 15 minutes into this podcast, Ryan Detrick of LPL Financial Research argues that the S&P 500 is due for a 10% pullback. He emphasizes that we’re still in a structural bull market, and thinks investors should use the pullback as a buying opportunity.

GE Needs to Clear This Level For the Turnaround to Be Real, Chart Suggests – CNBC
In this clip from CNBC, Katie Stockton of Fairlead Strategies shares her thoughts on General Electric ($GE). She reminds viewers that the stock is still in a long-term downtrend.

Gold, Silver and Military Fades – All Star Charts 
JC Parets of All Star Charts points out that both Gold and Silver are tightly consolidating after a nice rally. He expects the two precious metals to resolve higher from this consolidation.

British Pound Likely to Head Lower, Strategist Boorish Says – Bloomberg
Peter Boorish of the Quad Group breaks down a chart of the British Pound versus the US Dollar. He points out that some key support levels have been broken and outlines an options trade to take advantage of further Pound weakness.

Mid and Small Caps Slowly Catching Up – Bespoke
In this note from Bespoke, they highlight the fact that Small and Mid-Cap stocks have quietly been catching up to Large-Caps.

Top 10 Tweets

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