Daily Chart Report ? Monday, January 6th, 2020
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Today’s Summary
Monday, January 6th, 2020
Indices: US stocks closed higher in today's session with the Dow Jones Industrial Average advancing 69 points or 0.24%. The Nasdaq gained 0.56%, while the S&P 500 moved up 0.35%. The Russell 2000 underperformed the rest of the pack, but still managed a small gain of 0.14%.
Sectors: Communications led, gaining 1.34%. Materials lagged, falling 0.44%.
Commodities: Crude Oil futures slipped 0.32% to $62.83 per barrel. Gold futures moved higher by 1.06% to $1,569 per ounce, its highest level in over six years.
Currencies: The US Dollar Index fell 0.22%.
Interest Rates: The US 10-year Treasury yield rose to 1.802%.
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 Dan Russo (@DanRusso_CMT). It’s a line chart of the S&P 500. Dan highlights the importance of tuning out the noise and focusing on price action instead. Over the past few days, the financial media has been fixated on the developments in Iran. Some even suggest we’re on the verge of World War III. However, recent price action is telling a much different story. The S&P 500 closed today less than 0.40% off of an all-time high and has gone 61 days without a decline of 1% or more. Also, the index is in a clear uptrend, as it’s trading above both its 50 and 200-day moving averages. I’m no expert on geopolitics or Middle Eastern affairs, but I can tell you that the market hasn’t given us a reason to get bearish yet. Bill Gates once said, “Headlines, in a way, are what mislead you because bad news is a headline, and gradual improvement is not.”
Quote of the Day
"Success is the sum of small efforts, repeated day in and day out."
– Robert Collier (Author)
Top Links
A Bad Bear Stearns Trade Can Teach Investors a Lot - Bloomberg
In this piece from Barry Ritholtz, several respected portfolio managers and traders share their advice on how to avoid large losses in the market.
S&P 500 Breadth Levels — % of Stocks Above 50-Day Moving Averages - Bespoke
Bespoke examines breadth by taking a look at the percentage of stocks in each sector that are trading above their 50-day moving averages.
Technical Analysis for Value Investors with David Keller - DIY Investing
In this podcast, David Keller explains how value investors can incorporate technical analysis into their research process.
Momentum Monday - Some Interesting Sector Rotations - Howard Lindzon
Howard Lindzon and Ivanhoff review dozens of charts to identify some of the hottest stocks and trends right now.
Gold Surges but Miners Don't! - StockCharts.com
Gold has been surging over the past few days, but gold mining stocks haven't followed suit. In this piece, Greg Schnell weighs in on this suspicious development.
Top 10 Tweets
You’re all caught up now. Thanks for reading!