Daily Chart Report ๐ Thursday May 9, 2024
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Todayโs 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 $3,036.
Volatility: The Volatility Index fell -2.39% to a three-month low of 12.68.
Interest Rates: The US 10-year Treasury yield dropped to 4.457%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Jim Knarr (@ChartMonitor).
- Jim points out that Copper Miners ($COPX) are breaking out to all-time highs. The chart shows $COPX on a total return basis, but itโs still breaking out to multi-year highs when you adjust for dividends.
- Copper Miners ($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 $BOL.
- This breakout also confirms the recent strength in the underlying metal. Copper remains -6.7% below all-time highs, but it just had its best month in three years, and thereโs not much resistance standing in its way.
The takeaway: Copper Miners ($COPX) are emerging from a three-year base and outperforming their peers. This could also be foreshadowing whatโs next for Copper.
Quote of the Day
โItโs 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 Loadingโฆ โ Trading Adventures
Andy Moss reviews some key takeaways from this weekโs price action.
Utilities Regain Power โ LPL Financial Research
Adam Turnquist looks at whatโs 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 Motherโs Day โ Almanac. Trader
Jeff Hirsch looks at how stocks have historically performed around Motherโs Day.