Skip to main content

Daily Chart Report ๐Ÿ“ˆ Thursday May 9, 2024

May 9, 2024

Powered By:

Todayโ€™s Summary
Thursday May 9, 2024

Indices: Russell 2000 +0.90% | Dow +0.85% | S&P 500 +0.51% | Nasdaq 100 +0.16%

Sectors: 10 of the 11 sectors closed higher. Real Estate led, gaining +2.37%. Tech was the only sector that closed lower, but just barely -0.03%.

Commodities: Crude Oil futures rose +0.34% to $79.26 per barrel. Gold futures gained +0.78% to $2,340 per oz.

Currencies: The US Dollar Index fell -0.28% $105.20.

Crypto: Bitcoin rose +3.10% to $63,075. Ethereum rose +2.10% to $3,036.

Volatility: The Volatility Index fell -2.39% to a three-month low of 12.68.

Interest Rates: The US 10-year Treasury yield dropped to 4.457%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

๐Ÿ† Todayโ€™s Chart of the Day was shared by Jim Knarr (@ChartMonitor).

  • Jim points out that Copper Miners ($COPX) are breaking out to all-time highs. The chart shows $COPX on a total return basis, but itโ€™s still breaking out to multi-year highs when you adjust for dividends.
  • Copper Miners ($COPX) are outperforming Gold Miners ($GDX), Silver Miners ($SIL) and the S&P 500 year-to-date. The top five weighted stocks in this ETF include $FM, $KGH, $IVN, $TECK, and $BOL.
  • This breakout also confirms the recent strength in the underlying metal. Copper remains -6.7% below all-time highs, but it just had its best month in three years, and thereโ€™s not much resistance standing in its way.

The takeaway: Copper Miners ($COPX) are emerging from a three-year base and outperforming their peers. This could also be foreshadowing whatโ€™s next for Copper.

Quote of the Day

โ€œItโ€™s important to note that exiting the market after a decline โ€” and thus failing to participate in a cyclical rebound โ€” is truly the cardinal sin in investing.โ€

โ€“ Howard Marks

Top Links

New Highs Loadingโ€ฆ โ€“ Trading Adventures
Andy Moss reviews some key takeaways from this weekโ€™s price action.

Utilities Regain Power โ€“ LPL Financial Research
Adam Turnquist looks at whatโ€™s next for the Utilities sector after its recent surge.

How Much Longer Can This Last? โ€“ All Star Charts
JC Parets looks at the Treasury Bonds and the Japanese Yen.

These Three Strong Financial Stocks Look Ready To Surge Higher โ€“ StockCharts
Julius de Kempenaer highlights three stocks within the Financial sector that are showing relative strength and momentum.

Stocks Make Mom Happy Before & After Motherโ€™s Day โ€“ Almanac. Trader
Jeff Hirsch looks at how stocks have historically performed around Motherโ€™s Day.

Top Tweets

Youโ€™re all caught up now. Thanks for reading!