Daily Chart Report ?Wednesday, October 23rd, 2019
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Today’s Summary
Wednesday, October 23rd, 2019
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 46 points or 0.17%. The S&P 500 and Nasdaq rose 0.28% and 0.19%, respectively. The Russell 2000 was slightly weaker than the rest of the major averages but was still higher by 0.13%.
Sectors: Energy led for the third day in a row, gaining 0.83%. Consumer Discretionary lagged, falling 0.46%.
Commodities: Crude Oil futures rallied 2.57% to $55.93 per barrel. Gold futures moved higher by 0.51% to $1,495 per ounce.
Currencies: The US Dollar Index inched lower by 0.06%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.768%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Charlie Bilello (@charliebilello). It’s a daily candlestick chart of Beyond Meat ($BYND). Shares of the plant-based meat company surged in their first three months as a public company. The rally seemed to be fueled by momentum and fear-of-missing out. The company went public at an IPO price of $25 a share in early May and peaked around $240 at the end of July. Since then, the stock has taken quite a beating. Charlie points out that the stock is now down 60% from its peak. The chart serves as an excellent reminder to always be skeptical of “hype” in the markets and that parabolic advances are often followed by sharp corrections.
Quote of The Day
“The main problem with a bull market - It is uphill all the way!”
Top Links
Top Sectors to Consider for the “Best Six Months” – Almanac Trader
According to stock market seasonality, we’re heading into a bullish time of the year. Jeff Hirsch shares which sectors tend to do well during the “best six months.”
“Skate to Where the Puck is Going, Not Where It Has Been” – Chaikin Analytics
Dan Russo of Chaikin Analytics shares his thoughts on the ongoing shift from growth to value.
How do America’s Biggest Stocks Look? – All Star Charts
JC Parets checks up on Mega-Cap stocks by examining an equally weighted custom index of the top 10 largest stocks in the US by market-cap.
Commodity Indices Fireworks – Market Gauge
Michele Schneider takes a look at some of the technical improvements in the commodities space.
2019 May Be One of the Best Years Ever – LPL Financial Research
In this note, the team at LPL Financial Research discusses the fact that Stocks, Bonds, Gold, and Crude Oil are all up double digits year-to-date for the first time in history.
Top 10 Tweets
Upcoming Events
Thursday, October 24th – Northern Ohio Chapter Meeting Featuring JC Parets, CMT
Saturday, October 26th – Trade Ideas Summit 2019
Monday, October 28th – United Kingdom Chapter Meeting featuring Ralph Acampora, CMT
You’re all caught up now. Thanks for reading!