Daily Chart Report ? Monday, November 1st, 2021
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Today’s Summary
Monday, November 1st, 2021
Indices: Dow +0.26% | S&P 500 +0.18% | Nasdaq +0.63% | Russell 2000 +2.65%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.83%. Technology lagged, inching lower by 0.15%.
Commodities: Crude Oil futures rose 0.32% to $83.84 per barrel. Gold futures gained 0.60% to $1,795 per ounce.
Currencies: The US Dollar Index fell 0.27%.
Interest Rates: The US 10-year Treasury yield inched higher to 1.559%.
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 JC Parets (@allstarcharts). The chart shows the performance of some of the largest equity indices over the past six months. As you might know, May-October has historically been the worst six months for stocks. However, stocks were resilient this year with the S&P 500 gaining 10% since May. While some might view this as a failure of seasonality, we view it as a testament to how strong the underlying trend is right now. We're now entering the best six months (November-April). We'll leave you with this quote from the legendary technician, Walter Deemer. "When the market doesn’t do something it should do, it usually means that the underlying trend is unusually powerful.”
Quote of the Day
“I don’t really like hedging. To me, if something needs to be hedged, you shouldn’t have a position in it.”
- Stanley Druckenmiller
Top Links
Strong Months Beget Strong Months - Bespoke
Bespoke points out that strong months are often followed by further gains in the next month.
An 85% Chance That Stocks Won't Suffer a Pullback - SentimenTrader
The team at SentimenTrader examines seasonality for stocks in the final quarter of the year.
The Artist Formally Known As - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most important technical developments.
One Resilient Market - Momentum Monday
Howard Lindzon and Ivanhoff highlight some of the strongest stocks, trends, and themes across the markets.
It's a Bull Market Ya Know... - All Star Charts
JC Parets shows that the Value Line Geometric Index is poised to breakout.
Top Tweets
You’re all caught up now. Thanks for reading!