Daily Chart Report ? Friday, June 26th, 2020
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Today’s Summary
Friday, June 26th, 2020
Indices: US Stocks ended the week on a sour note with the Dow Jones Industrial Average dropping 730 points or 2.84%. The S&P 500 and Nasdaq fell 2.42% and 2.59%, respectively. The Russell 2000 slid 2.44%.
Sectors: All 11 sectors closed lower by more than 1%. Utilities led, but still fell 1.06%. Communications lagged, tumbling 4.41%.
Commodities: Crude Oil futures moved lower by 1.45% to $38.16 per barrel. Gold futures rose 0.80% to $1,785 per ounce.
Currencies: The US Dollar Index inched higher 0.12%.
Interest Rates: The US 10-year Treasury yield fell to 0.642%.
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 of Chaikin Analytics (@DanRusso_CMT). It’s a chart of the Copper/Gold ratio over the past four years. This ratio is often used as a proxy for global growth. Copper has been underperforming Gold for more than two years, indicating that we’re in a low or no-growth environment. When growth becomes scarce like this, market participants become more willing to pay a premium for growth. Hence the reason that growth stocks have been aggressively outperforming value stocks in recent years. Dan explains that it would be wise to continue favoring growth over value until the Copper/Gold ratio reverses its multi-year downtrend.
Quote of the Day
“Live in the sunshine, swim in the sea, drink the wild air.”
– Ralph Waldo Emerson
Top Links
Is This a Bull or Bear Market? – Fidelity
Fidelity’s director of Global Macro, Jurien Timmer, explains why he thinks the 2020 lows may already be in.
Stock Market Video Update for Week Ending 6/26/20 – AlphaTrends.net
Brian Shanon recaps this week’s price action and lays out some levels of interest to keep an eye on going into next week.
Nasdaq – Russell Spread Pulling the Rubber Band Tight – Bespoke
Bespoke takes a look at the extreme disparity between the performance of the Nasdaq and the Russell 2000.
Weight of the Evidence – Jotting on Charts
Grant Hawkridge does a deep dive on the Dow Jones Industrial Average, breaking down each of the 30 stocks within the index.
Where Do We (Investors) Stand? – David Cox
In this quick video, portfolio manager, David Cox highlights some of the most important technical developments to be aware of.
Top 10 Tweets
You’re all caught up now. Thanks for reading!