Daily Chart Report ? Thursday, October 14th, 2021

Today’s Summary
Thursday, October 14th, 2021

Indices: US Stocks closed higher across the board in today’s session. The Dow gained 535 points or 1.56%. The S&P 500 and Nasdaq rose 1.71% and 1.73%, respectively. The Russell 2000 underperformed but still gained 1.44%.

Sectors: All 11 sectors closed higher by more than 1%. Materials led, gaining 2.43%. Consumer Discretionary lagged but still rose 1.05%.

Commodities: Crude Oil futures rose 1.23% to a seven-year high of  $81.43 per barrel. Gold futures inched higher by 0.14% to $1,797 per ounce.

Currencies: The US Dollar Index was flat (0.02%).

Interest Rates: The US 10-year Treasury yield fell for the third straight day to 1.514%.

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 by Phillip Streible (@PStreible). It’s a daily candlestick chart of Copper futures over the past eight months. Stocks rocketed higher today, but the real MVP was Copper. It’s up nearly 7% in the past two days and it looks poised to test all-time highs. There’s a lot of information to be gleaned from this move. For starters, Copper is a great indicator of economic health because of its numerous industrial applications. If Copper is in high demand like this, it means the economy is probably doing just fine. This is bullish for US Stocks, and even more so for Emerging Markets. It’s also worth noting that the Copper/Gold ratio is resolving higher after going sideways for the majority of the year. As you might know, interest rates are highly correlated to the Copper/Gold ratio, so it’s further evidence that rates are likely to continue heading north.

Quote of the Day

“If you want a friend on Wall Street,
get a dog.”

– Carl Icahn