Daily Chart Report ? Friday, February 7th, 2020
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Today’s Summary
Friday, February 7th, 2020
Indices: US stocks fell in today's session with the Dow Jones Industrial Average closing lower by 277 points or 0.94%. The S&P 500 and Nasdaq both fell 0.54%. The Russell 2000 was the weakest of the major indices, dropping 1.23%.
Sectors: Consumer Staples led, inching up 0.12%. Materials closed lower, falling 1.43%.
Commodities: Crude Oil futures fell 1.47% to $50.34 per barrel. Gold futures moved higher 0.23% to $1,574 per ounce.
Currencies: The US Dollar Index rose 0.21%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.582%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by @J4_fibo. It's a daily bar chart of Lumber futures over the past couple of years. Lumber closed at a new 52-week high today. As you can see from the chart, price is in the process of breaking through resistance from the 2019 highs. Commodities like Lumber and Copper are often thought of as being leading economic indicators, as they reflect a demand for global growth and development. There's been a lot of focus on the weakness in Copper over the past month. However, it's interesting to see that Lumber is breaking out and telling a much different story. Lumber and equities tend to be positively correlated to one another. Therefore, continued strength from Lumber would certainly not be a bearish development for stock market bulls.
Quote of the Day
“Employers are at their happiest on Mondays. Employees are at their happiest on Fridays.”
– Mokokoma Mokhonoana (Author)
Top Links
Investors Un-Cautiously Optimistic - Dana Lyons
Dana Lyons warns that investors' expectations are too high right now, and that sentiment isn't providing the same tailwind to stocks that it was in the fall.
JC Parets: Are We Seeing More Stock Market Volatility In 2020? - IBD
In this podcast, JC Parets of All Star Charts gives his outlook on the market right now, as well as several ETFs including, European Financials ($EUFN), Medical Devices ($IHI), and Semiconductors ($SOXX).
Travel Stocks Under Pressure Again - StockCharts.com
In this short note, Respected technician John Murphy shares his thoughts on the recent weakness in Travel stocks.
Intermarket Review - David Cox
Portfolio Manager, David Cox, provides a quick analysis of Stocks, Volatility, Interest Rates, and Metals.
5-Chart Friday (2/7/20) - Compound
Charlie Bilello highlights some of the most noteworthy charts from the past week.