Daily Chart Report ? Friday, March 12th, 2021
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Today’s Summary
Friday, March 12th, 2021
Indices: The Dow, S&P 500, and Russell closed at record highs, while the Nasdaq closed lower. The Dow gained 293 points or 0.90%. The S&P 500 was little changed, inching higher by just 0.10%. The Nasdaq slipped 0.59%. The Russell 2000 rose 0.61%.
Sectors: 9 of the 11 sectors closed higher. Real Estate led, gaining 1.72%. Tech lagged, falling 0.72%.
Commodities: Crude Oil futures fell 0.62% to $65.61 per barrel. Gold futures inched lower by 0.16% to $1,720 per ounce.
Currencies: The US Dollar Index rose 0.27%.
Interest Rates: The 10-year US Treasury yield rose to a new 52-week high of 1.623%
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 Matt Harris (@MattHarrisCMT). It's a chart of the 10-year US Treasury yield over the past six decades. The 10-year yield jumped over 1.60% today, to the highest level in more than a year. It's hard to accurately measure the rate of change on yields, due to the fact that we're starting from such a low base, but theres no doubt that yields have signifiant momentum behind them right now. This rapid rise has sparked a lot of discussion over what it means in terms of asset allocation. In a comment to The Chart Report, Matt Said, "Rates are rising for the right reasons – improving outlook for economic growth and earnings. Rates are still far from a level that hinders economic growth but the speed of rates rising and extrapolating short-term trends may increase volatility, the environment will continue to be positive for risk assets and equities. Look to lighten up on bonds when yields drop, add to stocks when rate fears cause a sell-off."
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Quote of the Day
"Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem."
– Bill Vaughan
Top Links
Lots of Green With St. Patrick's Day on the Horizon - LPL Financial Research
Here's a good recap of this week's price action across the markets from the team at LPL Financial Research.
The Evolution of Emerging Markets - All Star Charts
Steve Strazza does a deep dive into Emerging Markets.
Where Do We (Investors) Stand - David Cox
In this quick video, David Cox offers his technical commentary on this week's price action.
What's The Best Hedge Against Inflation? - Compound
Charlie Bilello explains that Gold is not a great hedge against inflation, despite its reputation.
March Quarterly Options Expiration Week Historically Bullish: DJIA, S&P 500, & Nasdaq Up 10 of Last 13 - Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at stocks typically perform around March quarterly options expiration (next week).
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