Daily Chart Report ? Tuesday, June 23rd, 2020
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Today’s Summary
Tuesday, June 23rd, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 131 points or 0.50%. The S&P 500 rose 0.43%. The Nasdaq gained 0.74%, extending its recent winning streak to eight consecutive days. The Russell 2000 moved higher by 0.41%.
Sectors: Consumer Discretionary led, gaining 0.79%. Utilities lagged, falling 1.01%.
Commodities: Crude Oil futures slipped 0.52% to $40.37 per barrel. Gold futures moved higher by 0.88% to $1,782 per ounce.
Currencies: The US Dollar Index fell 0.35%.
Interest Rates: The US 10-year Treasury yield inched higher to 0.719%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Strategas Research (@StrategasRP). It’s a weekly bar chart of the Nasdaq Biotech Index over the past decade. Some of the top holdings in this index include; Amgen ($AMGN), Vertex Pharmaceuticals ($VRTX), Gilead ($GILD) and Regeneron ($REGN). Biotech had a terrific run from 2010 up until 2015 when Hilary Clinton allegedly ‘killed biotech‘ with a tweet about prescription drug pricing. To be clear, we don’t care what killed that stellar trend, or why it ended when it did. The point is, Biotech stocks are finally breaking out to all-time highs after spending the past five-years consolidating their gains from earlier in the decade. Strategas emphasizes, “This is one of the best charts we can find, anywhere.” Breakouts from multi-year bases like this are a real crowd pleaser among technicians. As we like to say, “the bigger the base, the higher in space!” Could this be the start of a new cyclical bull market for Biotech stocks after going nowhere for five years?
Quote of the Day
“The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.”
– George Soros
Top Links
5 Reasons To Be Bullish On Stocks – Forbes
Here’s an article that highlights some bullish technical development that are worth considering.
Nasdaq, Tech, Growth Keep Going – Bespoke
Bespoke takes a look at the relentless outperformance of the Nasdaq, technology, and growth stocks.
Nasdaq Could Rally 15% More, Before Hitting This Target? – Kimble Charting Solutions
Chris Kimble points out that the Nasdaq has room to run before it hits resistance at the 261.8% Fibonacci extension of the 2000-20002 decline.
Will Lucy Pull the Football on Value Investors…Again? – Portfolio Wise
Dan Russo explains why he thinks growth will continue to outperform value.
Are Gold Miners ETF (GDX) Setting Up for New Highs? – See it Market
Larry Tentarelli takes a quick look at the Gold Miners ETF, $GDX.