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Today’s Summary
Wednesday, February 2nd, 2022
Indices: Dow +0.63% | S&P 500 +0.94% | Nasdaq +0.50% | Russell 2000 -1.03%
Sectors: 10 of the 11 sectors closed higher. Communications led, gaining 2.00%. Consumer Discretionary was the only sector that closed lower, falling 0.60%.
Commodities: Crude Oil futures were flat and continue to trade around $88.26 per barrel. Gold futures rose 0.49% to $1,810 per ounce.
Currencies: The US Dollar Index fell 0.29%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.779%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
#BTC $BTC.X pic.twitter.com/ZTqN8P0xsO
— Rolando Santos (@TKPTrader) February 2, 2022
Today’s Chart of the Day was shared by Rolando Santos (@TKPTrader). It’s a daily candlestick chart of Bitcoin over the past 16 months. The candles are color-coded to represent momentum as measured by RSI. There’s been nothing bullish to say about Bitcoin since mid-November when price and momentum began to break down. As we know, Bitcoin thrives and dives off momentum. The most profitable trends occur when RSI is in a bullish range above 60 (white candles). Instead, RSI continues to be stuck in a bearish range below 50 (red candles). The path of least resistance for Bitcoin continues to be lower until momentum improves.
Quote of the Day
“Before you attempt to beat the odds, be sure
you could survive the odds beating you.”
– Larry Kersten
Top Links
What The January Barometer Could Mean for the Year – Schaeffer’s Investment Research
Rocky White takes a look at what last month’s performance could mean for February and the rest of the year.
February Almanac: Better in Midterm Years – Almanac Trader
Seasonality expert, Jeff Hirsch breaks down how stocks have historically performed in February.
The Most Bullish Catalyst For Stocks – All Star Charts
JC Parets explains that a weaker dollar would be a tailwind for risk assets.
Strong Rallies Across Equities, but Now the Real Work Begins – Potomac Fund Management
Dan Russo highlights some key takeaways from the current market action.
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Top Tweets
Exxon was the longest tenured stock in the Dow (nearly 100 years), but it was kicked out in August 2020.
Here's why you should pay attention to sentiment. Exxon is up more than 100% and CRM (company who replaced it) is down since being added. pic.twitter.com/N4o8DwSxQJ
— Ryan Detrick, CMT (@RyanDetrick) February 2, 2022
Critical next few days for small caps $RUT. 2120 area is the dividing line.
Place your bets..(or be smart and just wait to see what happens). pic.twitter.com/6gHettX9Sr— Jim Denholm, CMT (@denholm_jim) February 2, 2022
S&P 500 Energy sector has recouped all losses since late 2018 and is up 189% from March 2020 low
[Past performance is no guarantee of future results] pic.twitter.com/9hOV5HXpNd— Liz Ann Sonders (@LizAnnSonders) February 2, 2022
Thus ends the last great $VIX surge pic.twitter.com/h4EpPJOvS7
— Tom Hearden (@followtheh) February 2, 2022
The dollar has weakened the most over the past three days since November 2020. pic.twitter.com/EKfEVidNvW
— Lisa Abramowicz (@lisaabramowicz1) February 2, 2022
What do you think is the most bullish catalyst for stocks and other risk assets? I think it's this https://t.co/pwxmhAQWSj pic.twitter.com/I5mkK75Q5m
— J.C. Parets (@allstarcharts) February 2, 2022
The Bloomberg #Commodity Index is up a whopping 85% from its low in April 2020, and has now eclipsed the performance of the MSCI World Index. Diversification works. pic.twitter.com/UfVdXb1oy5
— jeroen blokland (@jsblokland) February 2, 2022
Crude oil and energy contracts aren't the only commodities starting to rip higher… #grains #commodities pic.twitter.com/8DaTEcXLb0
— Ian Culley (@IanCulley) February 2, 2022
Trend is your friend… #crypto (unless you're long and wrong) pic.twitter.com/aD3XVM5VTo
— World Famous Nature Boy (@Xiphos_Trading) February 2, 2022
Maybe they should change their name back to Facebook? $FB pic.twitter.com/9jpLwOUDrL
— Mike Singleton, CFA (@InvictusMacro) February 2, 2022
Ouch pic.twitter.com/ybUGuSmliC
— Michael Batnick (@michaelbatnick) February 2, 2022
yeesh. $QQQ down 1.4% after-hours pic.twitter.com/QrQsmQ2Eqs
— Katie Greifeld (@kgreifeld) February 2, 2022
You’re all caught up now. Thanks for reading!
