Daily Chart Report ? Monday, November 9th, 2020
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Today’s Summary
Monday, November 9th, 2020
Indices: US Stocks kicked off the week on a strange note today. The Dow Jones Industrial Average had its best day since June, jumping 835 points or 2.95%. The Nasdaq, on the other hand, dropped 1.53%. The S&P 500 rose by 1.17%. The Russell 2000 outperformed, gaining 3.70%. The Dow, S&P, and Russell hit record highs intraday but failed to hold their gains into the close.
Sectors: 7 of the 11 sectors closed higher. Energy led significantly, surging 14.28%. Communications lagged, falling 0.72%.
Commodities: Crude Oil futures had their best day in six months, jumping 8.48% to $40.29 per barrel. Gold futures had their worst day in nearly three months, tumbling 4.58% to $1,862 per ounce.
Currencies: The US Dollar Index rose 0.65%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.934% – its highest level since March.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Sam McCallum (@honeystocks1) It’s a ratio chart of Growth vs. Value ($IWF/IWD) over the past year and a half. As a reminder, when the ratio is rising it means Growth is outperforming Value and vice versa. Growth had its worst day relative to Value in over a decade today. To be fair, Growth had its best day relative to Value in over a decade just last week. Ratio charts like this one allow you to judge these daily moves within the context of a longer-term trend. As Sam points out, this ratio remains in a strong uptrend favoring Growth, even after today’s massive underperformance. In a comment to The Chart Report, Sam said, “I think we’re seeing a lot of hype in Value today, but the charts aren’t confirming any meaningful rotation just yet.”
Quote of the Day
“Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.”
– Charles Dow
Top Links
3 Election Charts That Caught Our Attention – LPL Financial Research
The team at LPL Financial research offers some interesting stats about how stocks have historically performed post-election.
Investors Are More Confident Than Ever That A Crash is Comming – All Star Charts
JC Parets points out that the Crash Confidence Index is signaling extreme fear and pessimism among market participants right now.
Frank Cappelleri Talks Technical Analysis of ETF MJ Alternative Harvest (MJ) – TD Ameritrade Network
Frank Cappelleri shares his technical perspective on the S&P 500.
What A Bounce in Stocks – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon and Ivanhoff highlight some of the strongest stocks, trends, and themes across the markets.
A Trip Around the World – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the technical developments they’re watching this week.
Top Tweets
You’re all caught up now. Thanks for reading!