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Today’s Summary
Friday, May 3rd, 2019
Indices: US stocks ended the week on a strong note with the Dow Jones Industrial Average closing up 197 points or 0.75%. The Russell 2000 was the strongest of the major US indices, closing up 1.98%.
Sectors: All 11 S&P sectors finished positive today. Industrials led, closing up 1.21%. Utilities lagged but still gained 0.55%.
Commodities: WTI Crude Oil futures were more or less flat, changing just 0.08% to settle at $61.86. Gold futures were higher by 0.64% to settle at $1,280 per ounce.
Currencies: The US Dollar Index fell 0.35%.
Interest Rates: The US 10-year Treasury Yield fell to 2.53 %.
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared on Twitter by Charlie Bilello (@charliebilello). It’s a chart showing the S&P 500, Nasdaq Composite, Russell 3000, and the Wilshire 5000. In his tweet, Charlie points out that all four indices ended the week at all-time highs! We like this chart because it sums up the bullish, risk on environment that we’re in. In addition, the chart speaks to the healthy market internals and broad participation that we’re seeing right now as the Wilshire 5000 represents 98% of all investable US equities.
Quote of The Day
“No profession requires more hard work, intelligence, patience and mental discipline than successful speculation.”
– Robert Rhea (Author of The Dow Theory)
The Anatomy of a Market Correction – Visual Capitalist
Here’s an awesome infographic on what the average stock market correction looks like.
Stock Market Video Analysis – Brian Shannon – AlphaTrends.net
Trader and Technical analyst, Brian Shannon puts out this weekly video where he recaps the past week and gives his thoughts for the week ahead.
Hedge Fund Telemetry’s Thorton Sees Early Warning Signs of S&P 500 Pullback – Thomas Thorton – Bloomberg
Yesterday on Bloomberg, Thomas Thorton joined host Abigail Doolittle to discuss his outlook on the market. He thinks we’re due for a 5-10% correction in stocks because sentiment is beginning to overheat.
Improving the Best Six Months Strategy by Adding Months and Timing – StockCharts.com
We’ve been talking a lot about “Sell in May and Go Away.” In this article from Arthur Hill, he offers a way to boost the performance of this strategy.
Churchill Downs (CHDN) Off to the Races? – Bespoke
The Kentucky Derby is tomorrow! Here’s a fun note that Bespoke published today on how shares of Churchill Downs ($CHDN) perform on average after the Kentucky Derby. They found that the stock is up 71% of the time the Monday following the race.
Top 10 Tweets
FINALLY! Would like to see another day of strength for confirmation but $RUT breaking out of a large inverse H&S pattern as well as a bullish cup-with-handle formation. Even though small caps paused for past few months as $SPX continued higher, RS about the same since Dec. low. pic.twitter.com/8tfhzmMeEQ
— Mark Arbeter, CMT (@MarkArbeter) May 3, 2019
$IWM #russell breaking through resistance pic.twitter.com/wQVcU7bihn
— Tarek I. Saab (@FibLines) May 3, 2019
Updated US equity fund flow data from JPM. In this respect, now isn’t like 2000, 2007 or even 2015 pic.twitter.com/DMYFVTHMJy
— Urban Carmel (@ukarlewitz) May 3, 2019
Non-US stocks keeping up with the US market fairly decently since mid-Feb $VTI $VXUS $UUP pic.twitter.com/kwdXXv7nus
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) May 3, 2019
Some weekend food for thought:
China YTD compared to the rest of EM#EM $FXI $EEM $DXY pic.twitter.com/y7hbWUOaK6
— IV, CFA, CMT (@iv_technicals) May 3, 2019
Good Morning! Mr. StudMuffin making new highs on the year (DAX) pic.twitter.com/acURCMAvf9
— Linda Raschke (@LindaRaschke) May 3, 2019
$GOOGL Has my attention at the end of the week. Around key retrace and area that has acted as support in the past. Just above 200 day too pic.twitter.com/RmaVcYbu8I
— Gregory Krupinski (@G_krupins) May 3, 2019
A lot of talk about the $USD strength and it's drag on global growth. Taking a step back shows it's exactly where it was 4 years ago. A simple 40 week MA tells the true story. pic.twitter.com/jOBzGRBkHz
— Neil Blalock, CMT (@NeilBlalock) May 3, 2019
Chinese Shanghai Composite $SSEC Testing Broken Post-2015 Down Trendline $ASHR #TrendlineWednesday pic.twitter.com/jrk4ue6uDk
— Dana Lyons (@JLyonsFundMgmt) May 3, 2019