Daily Chart Report ? Thursday, October 10th, 2019
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Today’s Summary
Thursday, October 10th, 2019
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average gaining 151 points or 0.57%. The S&P 500 was the strongest of the major averages, advancing 0.64%.
Sectors: 10 out of the 11 sectors of the S&P 500 closed higher. Energy led, gaining 1.26%. Utilities lagged, slipping 0.11%.
Commodities: Crude Oil futures moved higher by 1.83% to $53.55 per barrel. Gold futures fell 0.79% to $1,500 per ounce.
Currencies: The US Dollar Index dropped 0.43%.
Interest Rates: The US 10-year Treasury yield rose to 1.67%.
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 Charlie Bilello (@charliebilello). It’s a chart showing the year-to-date performance (total-return) of the largest Marijuana ETFs including; $MJ, $YOLO, $THCX, $TOKE, $CNBS, and $POTX. Charlie points out that almost all of these ETFs, except for $MJ, were launched in 2019. As you can see, all six ETFs have been crushed this year. The worst of the group, $YOLO, is down over 47%. The best of the group, $MJ, is still down 23%. Just a year ago, the Marijuana industry was being touted as the next Gold Rush or the Internet in 1999. Those who bought into “pot stock mania” are now left holding the bag. For more on the fallout in Marijuana stocks, check out our report, “Marijuana Massacre.”
Quote of The Day
Top Links
Evidence on Both Sides – The Chart Report
In this report, we weigh the bull case and the bear case for US Equities.
S&P 500 May be Poised to Hit 3,200, Chaikin’s Russo Says – Bloomberg
Dan Russo of Chaikin Analytics made an appearance on Bloomberg yesterday to share his outlook on the S&P 500.
Remember to Buy in November – All Star Charts
We’ve all familiar with the phrase: “Sell in May and Go Away!” However, In this piece, JC Parets reminds readers to “Buy in November” as one of the best seasonal periods for the stock market approaches.
Q4 Noise Weighing on Investor Sentiment – RW Baird
Willie Delwiche of Baird examines the extreme bearish sentiment reading from the latest AAII Sentiment Survey.
Understanding the Psychology of the Market – Dr. Brett Steenbarger
Dr. Brett Steenbarger discusses how to interpret the psychology of the market using technical tools like volume and the TICK index.
Top 10 Tweets
Upcoming Events
Monday, October 14th – Dallas Chapter Meeting Featuring Jeffery Hirsch
Tuesday, October 15th – Minnesota Chapter Meeting Featuring Dave Keller, CMT
Tuesday, October 22nd – New York Chapter Meeting Featuring Sam Stovall
You’re all caught up now. Thanks for reading!