Daily Chart Report ? Wednesday, July 22nd, 2020
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Today’s Summary
Wednesday, July 22nd, 2020
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 165 points or 0.62%. The S&P 500 and Nasdaq rose 0.57% and 0.24%, respectively. Small-Caps underperformed but still inched higher by 0.18%.
Sectors: Utilities led, rising 1.54%. Energy was the only sector to close lower, falling 1.23%.
Commodities: Crude Oil futures were more or less flat, changing just 0.05% to $41.90 per barrel. Gold futures climbed 1.15% to an eight-year high of $1,865 per ounce.
Currencies: The US Dollar Index fell 0.21%.
Interest Rates: The US 10-year Treasury yield inched lower to 0.606%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Linda Raschke (@LindaRaschke). It’s a monthly chart of Growth vs. Value ($IUSG/$IUSV) over the past 20 years. As you probably already know by now, Growth has absolutely trounced Value over the past two decades. However, in the last week or so Value has been outperforming Growth. In a tweet yesterday, Linda pointed out that this ratio has already put in a lower high on the daily chart, and could soon put in a lower low. The fact that you can’t even see short-term weakness on this long-term monthly chart speaks to how extended this relationship has become over the past few years. The question remains, is this the start of the great rotation out of Growth and into Value that everyone’s been anticipating, or is this just another pullback within a monster uptrend?
Quote of the Day
“Great investors spend less time thinking about why a market is behaving a certain way than what to do about it. “What” is verifiable. “Why” is subject to all sorts of biases.”
– Willie Delwiche
Top Links
Stock-Market Timing Guru Tom DeMark Says S&P 500 Will See 3,500 Before Peaking – Market Watch
Respected analyst and market timer, Tom DeMark, says the S&P 500 could rally another 8% to 3,500 before seeing any meaningful weakness.
Small-Cap Stocks Escape Late Day Fade – Here’s a Name on the Move! – StockCharts.com
Mary Ellen McGonagle explains why she likes small-caps right now, and shares one particular small-cap stock that’s currently breaking out – Yeti Holdings, $YETI.
It’s About Tai-me – Dana Lyons
Dana Lyons discusses the breakout in Taiwan stocks.
Gold-Silver Ratio Key as Markets Sure Higher – Kitco News
In this clip, Carley Garner offers her technical perspective on the Silver/Gold ratio, Equities, and Treasury Bonds.
Silver Gets the Gold for YTD Performance – Bespoke
Bespoke points out that Silver is now outperforming the Nasdaq, Gold, and Treasuries.
Top Tweets
You’re all caught up now. Thanks for reading!