Daily Chart Report ? Wednesday, December 4th, 2019
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Today’s Summary
Wednesday, December 4th, 2019
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average gaining 147 points or 0.53%. The S&P 500 and Nasdaq advanced 0.63% and 0.54%, respectively. The Russell 2000 was the strongest of the major indices, gaining 0.70%.
Sectors: All 11 sectors closed higher. Energy led, gaining 1.50%. Materials lagged but still inched higher by 0.22%.
Commodities: Crude Oil futures jumped 4.15% to $58.43 per barrel. Gold futures slipped 0.28% to $1,480 per ounce.
Currencies: The US Dollar Index slipped 0.14%.
Interest Rates: The US 10-year Treasury yield rose to 1.777%.
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 in a note from Frank Cappelleri of Instinet. It’s a monthly bar chart of the Biotech ETF, $IBB, since its inception in 2001. Frank points out that $IBB just had its best two-month run since 2003, gaining 20% between October-November. He calls it “very extended” in the short-term, with the ETF printing its highest RSI reading ever. He explains: “It’s safe to say that this kind of pace can’t persist.” He adds that longer-term, $IBB could be in the process of building a multi-year base, saying: “The ETF remains below its most recent peak from 2015. And that means this spike could simply be part of the consolidation process before the next multi-year breakout.” Bullish or bearish, it would be wise to keep Biotech on your 2020 watchlist.
Quote of the Day
Top Links
Analyst Suttmeier Says Buy S&P 500 E-Mini Dips for Possible New Highs – Bloomberg
Steve Suttmeier of Bank of America, and Abigail Doolittle discuss the recent pullback in Treasuries, and Steve breaks down a chart of S&P 500 futures.
Fears of Volatility Regime Change – SentimenTrader
Jason Goepfert of SentimenTrader uses historical data to show that investors shouldn’t fear the recent spike in volatility.
December 2019 Looks Nothing Like December 2018 – Ciovacco Capital Management
In this piece, Chris Ciovacco points out that the S&P 500 is in a much different situation right now, then it was around this time last year.
Why This Strategist Thinks Stocks Will Keep Climbing in 2020 – CNN Money
In this clip, Dan Russo of Chaikin Analytics discusses why he’s bullish on stocks and thinks the S&P 500 could rally to 3,200.
Reasons We Still Believe in December – LPL Financial Research
The team at LPL Financial Research explains that despite a rough start, December could still shape up to be a good month for equities.
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Top 10 Tweets
You’re all caught up now. Thanks for reading!