Daily Chart Report ? Tuesday, February 2nd, 2021
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Today’s Summary
Tuesday, February 2nd, 2021
Indices: US Stocks continued higher in today's session with the Dow Jones Industrial Average advancing 476 points or 1.57%. The S&P 500 and Nasdaq rose 1.39% and 1.56%, respectively. The Russell 2000 slightly underperformed, but still gained 1.19%.
Sectors: All 11 sectors closed higher for the second straight day. Financials led, rising 2.42%. Health Care lagged but still gained 0.29%.
Commodities: Crude Oil futures moved higher by 2.26% to a 1-year high of $54.76 per barrel. Gold futures dropped 1.64% to $1,833 per ounce.
Currencies: The US Dollar Index inched higher by 0.07%.
Interest Rates: The 10-year US Treasury yield rose to 1.101%.
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 Jay Kaeppel (@jaykaeppel). It’s a daily bar chart of Silver futures over the past nine months. There has been a ton of buzz over Silver this week. The metal surged nearly 10% yesterday as the infamous Reddit mob behind GameStop attempted to orchestrate a similar short squeeze. The funny thing about that is, unlike GameStop, there were no shorts to squeeze. Large speculators were actually net long Silver futures. Sure enough, Silver was rejected at the August highs and it has already given back yesterday’s entire gain. For all the ink spilled over Silver this week, Jay points out that the trade doesn’t have to be complicated. Wait until price confirms a breakout by closing above resistance. But until a breakout is confirmed, there’s no reason to get involved.
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Quote of the Day
“There's nothing in this world which will so violently distort a man's judgment more than the sight of his neighbor getting rich.”
– J.P. Morgan
Top Links
The Untitled Chart Show w/ Josh Brown - All Star Charts
In this video, Josh Brown and JC Parets highlight some of the big picture trends that are in play.
Dollar and Domestics Rebound - Bespoke
Bespoke weighs-in on the recent strength in the US Dollar.
Tech Setups Heading Into Earnings - AlphaCharts Blog
Brian at AlphaCharts examines the charts of some of the Mega-Cap tech stocks that report earnings this week.
Commodity Super Cycle - Marea Market Musings
Dan Russo lays out the bull case for Commodities.
Typical February Trading: Lackluster Over Last 21 Years - Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how stocks have historically performed in February.
Top Tweets
