Daily Chart Report ? Tuesday, November 12th, 2019
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Today’s Summary
Tuesday, November 12th, 2019
Indices: US stocks closed slightly higher in today’s session. The Dow Jones Industrial Average was completely unchanged. The S&P 500 and Nasdaq gained 0.16% and 0.26%, respectively. The Russell 2000 was flat, changing just 0.02%.
Sectors: Health Care led, gaining 0.60%. Real Estate lagged falling 0.66%.
Commodities: Crude Oil futures were flat and continue to trade at $56.84 per barrel. Gold futures slipped 0.25% to $1,454 per ounce.
Currencies: The US Dollar Index rose 0.11%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.917%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Strategas Research Partners (@StrategasRP). It’s a chart of Amazon ($AMZN) going back to July 2017. The middle pane shows Amazon’s weight in the Consumer Discretionary sector, and the bottom pane is a ratio chart showing Consumer Discretionary relative to the S&P 500. The Consumer Discretionary sector has been relatively weak over the past month despite the broader market hitting all-time highs. Strategas suggests that this is likely due to the fact that $AMZN represents a whopping 29% of the sector. $AMZN is still about 13% below its former high, and it’s up less than 4% over the past 12-months. Over the same period, the S&P 500 is up 11.22%, and the Consumer Discretionary sector is up 9.97%. Clearly, $AMZN has not lived up to its reputation as a market leader as of late.
Quote of The Day
“If you think the food is poison you can starve at a banquet.”
– Art Cashin (Director of Floor Operations at UBS)
Top Links
Putting The Bull In Perspective – LPL Financial Research
In this note, the team at LPL Financial Research drop some interesting facts about the secular bull market.
RRG Shows Bullish Sector Rotation! – StockCharts.com
Julius de Kempenaer uses a Relative Rotation Graph to show the bullish shift from defensive sectors into offensive sectors.
Marijuana Chart Suggests Look Out…Above? – All Star Charts
In this piece, Tom Bruni takes a look at a chart of the Medical Marijuana ETF, $HMMJ. He argues that the ETF is poised for a counter-trend rally after falling nearly 60% over the past eight months.
Bank Breakout of Financial Crisis Highs or Double Topping Again? – Kimble Charting Solutions
Chris Kimble points out that the Financial Sector ETF ($XLF) is testing a critical resistance level that was formed from its 2007 highs.
Risk is Back, Baby – SentimenTrader
Jason Goepfert highlights the resurgence of risk-appetite in the markets as investors shift from “risk-off” assets to “risk-on” assets.
Top 10 Tweets
Upcoming Events
Tuesday, November 19th – Benzinga Global Fintech Awards
Wednesday, November, 20th – New York Chapter Meeting featuring Gina Martin Adams, CMT, CFA
Thursday, November, 21st – Washington DC/Baltimore Chapter Meeting featuring Katie Stockton, CMT
You’re all caught up now. Thanks for reading!