Daily Chart Report ? Thursday, November 12th, 2020
Sponsored By:
Today’s Summary
Thursday, November 12th, 2020
Indices: US Stocks closed lower in today's session with the Dow Jones Industrial Average dropping 317 points or 1.08%. The S&P 500 and Nasdaq slipped 1.00% and 0.65%, respectively. Small-Caps underperformed with the Russell 2000 falling 1.64%.
Sectors: All 11 sectors closed lower. Consumer Staples led, but still slipped 0.27%. Energy lagged, dropping 3.23%.
Commodities: Crude Oil futures fell 0.80% to $41.12 per barrel. Gold futures rose 0.63% to $1,873 per ounce.
Currencies: The US Dollar Index inched lower by 0.09%.
Interest Rates: The 10-year US Treasury yield fell to 0.878%.
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 Strategas Research (@StrategasRP). It's a chart of the Consumer Discretionary Sector over the past 3 years on an equally-weighted basis. Amazon is by far the largest stock in the Consumer Discretionary sector, with a whopping 22% weighting. By looking at the sector on an equally-weighted basis, we get a broader view of how the average stock is performing without Amazon distorting the picture. As you can see, we're breaking out to all-time highs this week for the first time in more than two years, even without Amazon doing the heavy lifting. This is evidence of broadening participation, which is constructive given how concerned everyone was about Mega-Cap dominance this Summer.
Quote of the Day
“What gets us into trouble is not what we don't know. It's what we know for sure that just ain't so.”
– Mark Twain
Top Links
Strategas Strategist Says 'Own Japan' After 30-year Breakout - Bloomberg
Chris Verrone of Strategas Research points out that Japan is quietly coming back to life after being dead money for the past three decades.
Jerry Parker Talks Trends in Recent Price Activity - TD Ameritrade Network
Legendary trend follower, Jerry Parker offers his thoughts on the recent price action in Stocks and Commodities.
Gold Miners Haven't Had This Few Uptrends in Months - SentimenTrader
Jason Goepfert points out that breadth is deteriorating in the Gold Miners ETF, $GDX.
Breadth is Broadening! - Chaikin Analytics
Dan Russo of Chaikin Analytics weighs-in on the recent rotation.
November Expiration Week: S&P 500 & DJIA Stronger - Almanac Trader
Seasonality expert, Jeff Hirsch examines how Stocks tend to perform around November options expiration.