Daily Chart Report ? Monday, June 29th, 2020
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Today’s Summary
Monday, June 29th, 2020
Indices: US Stocks kicked off the week on a positive note, with the Dow Jones Industrial Average gaining 580 points or 2.32%. The S&P 500 and Nasdaq rose 1.47% and 1.20%, respectively. Small Caps outperformed with the Russell 2000 jumping 3.08%.
Sectors: All 11 sectors closed higher. Industrials were the clear leader gaining 3.28%. Health Care lagged but still rose 0.90%.
Commodities: Crude Oil futures moved higher by 3.14% to $39.70 per barrel. Gold futures were flat (0.05%) and continue to trade around $1,784 per ounce.
Currencies: The US Dollar Index was also flat, changing just 0.03%.
Interest Rates: The US 10-year Treasury yield fell to 0.627%.
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 Ian McMillan (@the_chart_life). It’s a logarithmic chart of the Dow Jones Industrial Average over the past 105 years. Ian lets us in on a little industry secret – stocks have been in a primary uptrend for decades. For this incredibly simple reason, it generally pays to be an optimist in this business. So does this mean we should be permabulls? No. As we know, secondary trends exist within the primary trend, and when those shorter-term trends are down, it’s wise to be tactically bearish. Also, primary trends aren’t guaranteed to last forever, just ask Japanese investors. But as long as this chart is moving up and to the right, it makes sense to be a long-term bull on US Stocks. In the wise words of market wizard, Marty Zweig – “It’s suicidal to fight trends. They have a higher probability of continuing than not.”
Quote of the Day
“We are all apprentices in a craft where no one ever becomes a master.”
–Ernest Hemingway
Top Links
Why Stocks Can Predict The Next President – LPL Financial Research
The team at LPL Financial Research points out that the stock market has a solid track record of predicting the outcome of the US presidential elections.
Why Crude Oil Poses A Risk to Stocks – All Star Charts
Tom Bruni discusses the potential risk that Crude Oil poses to US stocks.
Will the Dip be Bought Again? – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff rip through dozens of charts to identify the strongest stocks and trends in the market.
IMC’s Jay Woods Returns to the NYSE Trading Floor – Intercontinental Exchange
Here’s a good conversation with Jay Woods, Executive Floor Governor, and Market Maker at the New York Stock Exchange.
Weekly S&P 500 #ChartStorm – 28 June 2020 – Topdown Charts
Callum Thomas highlights 10 insightful charts that speak to the current market environment.
Top 10 Tweets
You’re all caught up now. Thanks for reading!