Daily Chart Report ? Thursday, January 28th, 2021
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Today’s Summary
Thursday, January 28th, 2021
Indices: US Stocks closed higher in today's session with the Dow Jones Industrial Average gaining 300 points or 0.99%. The S&P 500 and Nasdaq rose 0.98% and 0.50%, respectively. The Russell 2000 underperformed, inching lower by 0.10%.
Sectors: All 11 sectors closed higher. Financials led, rising 1.86%. Real Estate lagged but still inched higher by 0.27%.
Commodities: Crude Oil futures fell 0.96% to $52.34 per barrel. Gold futures slipped 0.20% to $1,841 per ounce.
Currencies: The US Dollar Index inched lower by 0.12%.
Interest Rates: The 10-year US Treasury yield rose to 1.048%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by TradingView (@tradingview). It's a daily candlestick chart of GameStop ($GME) over the past couple of months. In case you've been living under a rock, shares of GameStop have experienced a massive short squeeze over the past few sessions. With the whole world fixed on this stock, we thought it would be a good time to remind you that there are literally thousands of other stocks in the market. It might seem like an easy way to double your money in a day, but it's also an easy way to blow up your account. Especially if you're not an experienced trader. Short squeezes like this can be violent and are often associated with volatility in both directions. In terms of where this thing is headed, we'll leave you with this timeless quote from the legendary technician, Bob Farrell, "parabolic advances usually carry further than you think, but they do not correct by going sideways."
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Quote of the Day
“If you don't follow the stock market, you are missing some amazing drama.”
– Mark Cuban
Top Links
Hedge Funds Lose $30 Billion on VW Infinity Squeeze - MOX Reports
With short squeezes on everyone's mind, here's a must-read story about the mother of all short squeezes that took place on shares of Volkswagon in 2008.
Will GameStop Stop The Bull Market? - LPL Financial Research
The team at LPL Financial Research weighs-in on the GameStop short squeeze and what it means for the broader market.
Breadth Divergence Warns of Stock Market Top - See It Market
David Keller points out that breadth and price have begun to diverge negatively.
Has Transportation (IYT) Confirmed a Warning Sign? - StockCharts.com
Mish Schneider examines the recent weakness in the Dow Jones Transportation Average.
U.S. Dollar Collapse Point? Biggest Test in a Decade in Play! - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the US Dollar Index.
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