Daily Chart Report ? Thursday, February 11th, 2021
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Today’s Summary
Thursday, February 11th, 2021
Indices: US Stocks closed slightly higher in today's session. The Dow Jones Industrial Average was flat (7 points or 0.02%). The S&P 500 and Nasdaq rose 0.17% and 0.38%, respectively. The Russell 2000 inched higher by 0.13%.
Sectors: 4 of the 11 sectors closed higher. Consumer Discretionary led, rising 1.10%. Energy lagged, falling 1.54%.
Commodities: Crude Oil futures snapped an eight-day winning streak, falling 1.31% to $57.91 per barrel. Gold futures dropped 0.93% to $1,826 per ounce.
Currencies: The US Dollar Index was flat (0.02%).
Interest Rates: The 10-year US Treasury yield moved higher to 1.1268%.
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 Stefan Cheplick (@scheplick). It's a daily candlestick chart of the Russell 2000 over the past ten months. The Russell 2000 has made a remarkable comeback. Just a few months ago, the Russell was considerably lagging the other major indices and hadn't made a new high in years. It was essentially the redheaded stepchild of stock market indices, but it has quickly transformed into the market's new leading index. It's currently up 15% year-to-date, which is more than 3x the S&P 500's performance and 5x the Dow's performance over the same period. It's even outperforming the S&P 500 on a 1, 3, and 5-year basis now as well. Stefan points out that a 10% correction from here would bring us back to levels seen just ten days ago. Taking it a step further, a 20% bear market drop would take us back to the levels we were at in early-December, which is still comfortably above the former highs.
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Quote of the Day
“When everyone’s waiting for a pullback to buy either you don’t get a pullback or, if you do, you shouldn’t buy into it.”
– Bob Farrell
Top Links
Valuations Don't Tell You Anything About Stocks - CNBC
Here's a must-watch clip in which Josh Brown weighs-in on valuations.
The US Dollar & Emerging Markets - Michael Roberts Associates
Shane Murphy analyzes the relationship between the US Dollar and Emerging Markets.
Persistent Moves to New Highs Rarely End Abruptly - Quantifiable Edges
Rob Hanna explains that strength often begets more strength.
Bull-Bear Spread Spiking - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Trading Before Presidents' Day Weekend Mixed, However Nice Improvement Last 10 Years - Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how Stocks have historically performed going into Presidents' Day weekend.
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