Daily Chart Report ? Tuesday, November 3rd, 2020
Sponsored By:
Today’s Summary
Tuesday, November 3rd, 2020
Indices: US Stocks continued higher in today's session with the Dow Jones Industrial Average advancing 555 points or 2.06%. The S&P 500 and Nasdaq rose 1.78% and 1.85%, respectively. Small-Caps outperformed with the Russell 2000 gaining 2.91%.
Sectors: 10 of the 11 sectors closed higher. Industrials led, rising 2.95%. Energy was the only sector to close lower, falling 0.57%.
Commodities: Crude Oil futures moved higher by 2.31% to $37.66 per barrel. Gold futures rose 0.95% to $1,910 per ounce.
Currencies: The US Dollar Index dropped 0.74% - its worst day in over two months.
Interest Rates: The 10-year US Treasury yield rose to 0.904% - its highest level since June.
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 Yuriy Matso (@yuriymatso). It's a weekly candlestick chart of the Small-Cap Russell 2000 index over the past 13 years. Yuriy points out that the Russell 2000 currently looks very similar to how it did leading up to the 2012 and 2016 elections. In both scenarios, price broke out to all-time highs and continued higher in the weeks/months post-election. To be fair, the sample size is tiny here, and the index went on to make new lows in the weeks after the 2008 election. But it's certainly some food for thought given the recent outperformance we've seen from Small-Caps. The Russell hasn't hit an all-time high in more than two years and we're currently about 7% below those former highs. Will Small-Caps see a similar post-election surge like they did in 2012 and 2016?
Quote of the Day
“It's never paid to bet against America. We come through things, but its not always a smooth ride.”
– Warren Buffett
Top Links
Thinking of Dumping it All? - Marea Market Musings
Dan Russo reminds us not to make emotional trading/investment decisions around the election.
Typical November Trading: Strong Start & Finish - Almanac Trader
Seasonality expert, Jeff Hirsch examines how stocks have historically performed throughout November.
Here's A Sector And A Stock That You Don't Want To Ignore In November - StockCharts.com
Tom Bowley points out that November is a strong month for the Industrial sector as well as one particular Industrial stock - Deere & Company, $DE.
It's Election Day! - Libertas Wealth Management
In this video, Adam Koos of Libertas Wealth Management shares a ton of stats and info about how stocks perform around elections.
What The Presidential Election Means for Investors: Now and Into The Future - See it Market
Willie Delwiche takes a look at market internals and presidential cycles.