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Today’s Summary
Friday, January 8th, 2021
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average inching up 57 points or 0.18%. The S&P 500 and Nasdaq rose 0.55% and 1.03%, respectively. Small Caps underperformed, with the Russell 2000 slipping 0.25%.
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, rising 2.06%. Materials lagged, falling 0.48%.
Commodities: Crude Oil futures moved higher by 2.59% to $52.24 per barrel. Gold futures slid 4.09% to $1,835 per ounce.
Currencies: The US Dollar Index gained 0.30%.
Interest Rates: The 10-year US Treasury yield rose to 1.122%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
iShares MSCI Emerging Markets ETF closed at a new weekly all-time high.
$EEM △ 2.65% pic.twitter.com/m2n8FOf86q— Stocktwits (@Stocktwits) January 8, 2021
Today’s Chart of the Day was shared on Twitter by Stocktwits (@Stocktwits). It’s a weekly chart of the Emerging Markets ETF, $EEM over the past 13-years. As Stocktwits points out, $EEM, just closed at a weekly all-time high for the first time in over a decade. Why do we care about all-time highs? Because once price reaches uncharted territory like this, there is virtually no overhead supply to prevent price from moving significantly higher. Emerging Markets are a popular asset class for investors, but it’s been a painful decade+ for them. In fact, they’re just now recovering their Pre-Financial Crisis highs. After more than a decade of zero progress, could Emerging Markets finally make a new leg higher? Stay tuned!
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Quote of the Day
“The secret of being a bore is to tell everything.”
– Voltaire
Top Links
Stocks Off to Strong Start to 2021 – Bespoke
Bespoke reviews this week’s leaders/laggards.
A Look at Global Equities – AlphaCharts
Brian at AlphaCharts examines the breakout in Global Equities.
Where Do We (Investors) Stand? – David Cox
In this quick video, David Cox highlights some noteworthy technical developments.
Fill The Gap Podcast w/ Robert Farrell – CMT Association
Here’s a great conversation with the respected technical analyst, Bob Farrell.
The Commodities Rally Hinges on a Euro Breakout! – Kimble Charting Solutions
Chris Kimble explains that Commodities will need the Euro to breakout in order to continue higher.
Top Tweets
This week's returns
Large cap growth +1.3%
Small cap value +4.8%
Foreign developed +4.1%
Foreign small cap +3.1%
Emerging +4.7% pic.twitter.com/x57pUwVne4— Mike Zaccardi, CFA, CMT (@MikeZaccardi) January 8, 2021
$VALUG Value Line Geometric Index
?New all-time highs? pic.twitter.com/Z3v2t2AF1i
— Shane C. Murphy (@murphycharts) January 8, 2021
$PBW Weekly. The strongest ETF past year gained 18% this week, took out the '07 highs and is at ATHs. pic.twitter.com/jXCMWa27XX
— Brian G (@alphacharts) January 8, 2021
If there's one lesson from $TSLA, it's the bigger the base, the bigger the breakout (+1,000% post 6yr base breakout).
?@ healthcare. Biotech index just broke out of 7-year base + successfully tested resistance as support.$IBB thrived under Obama admin. Biden too? $XLV pic.twitter.com/MeGnBvOMHR
— Matt ?, CMT (@topstockcharts) January 8, 2021
Super-low put/call ratios are being driven by surging call activity not collapsing put activity. CBOE equity put volume is 20% above year ago levels but call volume is up nearly 60%. pic.twitter.com/fa7sJL5NW4
— Willie Delwiche (@WillieDelwiche) January 8, 2021
Crude Oil ends the week at its highest level since last February, Copper at its highest level in 8 years. https://t.co/3vuKQWpybK pic.twitter.com/lagSREr17i
— Charlie Bilello (@charliebilello) January 8, 2021
Gold >3.5% loss days. pic.twitter.com/ksEtss5Vwf
— Mark Ungewitter (@mark_ungewitter) January 8, 2021
The long-term US Treasury ETF is off to its worst start to a year since 2009. $TLT pic.twitter.com/ubQy9rnODA
— Bespoke (@bespokeinvest) January 8, 2021
This is my chart of the week $TNX pic.twitter.com/stl9lLxaWO
— Michael Kahn, CMT (@mnkahn) January 8, 2021
Regional banks $KRE breaking a 2.5-year downtrend line with momentum reaching overbought conditions for the first time since 2017 ?
Weekly chart pic.twitter.com/sU9jxXwlzU
— R. Alfonso Depablos (@AlfCharts) January 8, 2021
Bitcoin rises above $41,000, pushing its rally this year past 40% – and it's only January 8 https://t.co/JcoD2885P4 pic.twitter.com/BhWDXvpsXo
— Bloomberg Markets (@markets) January 8, 2021
"Parabolic advances usually carry further than you think, but they do not correct by going sideways." — Bob Farrell (Merrill Lynch) pic.twitter.com/BX6P6KYz4n
— Walter Deemer (@WalterDeemer) January 8, 2021