Thursday, February 6th, 2020
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 89 points or 0.30%. The Nasdaq gained 0.67%, while the S&P 500 rose 0.33%. The Russell 2000 was the weakest of the major indices, slipping 0.27%.
Sectors: Communications led, gaining 1.25%. Energy closed lower, falling 1.02%.
Commodities: Crude Oil futures slipped 0.16% to $51.09 per barrel. Gold futures gained 0.67% to $1,570 per ounce.
Currencies: The US Dollar Index rose 0.18%.
Interest Rates: The US 10-year Treasury yield moved slightly lower to 1.644%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Shane C. Murphy (@murphycharts) February 6, 2020
Today’s Chart of the Day was shared on Twitter by Shane Murphy (@murphycharts). The chart shows the CRB Index (on top), and the US 10-year Treasury Yield (on bottom). The CRB Index tracks 19 different commodities, including; Crude Oil, Live Cattle, Copper, Soybeans, Lean Hogs, Gold, Corn, Wheat, Cotton, and more. The index is currently testing a key support level and threatening to break down to new lows. Commodities and yields tend to move together. Therefore, if the CRB Index breaks to new lows here, it would likely put pressure on yields, which in turn would be bullish for Bonds.
Quote of the Day
“Yesterday’s home runs don’t win today’s games.”
– Babe Ruth (Baseball Player)
Does a Lower January Have Bears Smiling? – LPL Financial Research
The team at LPL Financial Research takes a look at what the market’s performance in January could be suggesting for the rest of the year.
This is ‘The Biggest Issue for Small Caps’ as the Group Outperforms, Trader Says – CNBC
Technical Analyst, Katie Stockton explains why she thinks Small-Caps could outperform their Large-Cap peers in the near term.
Doc Copper Attempting To Break 20-Year Rising Support – Kimble Charting Solutions
Chris Kimble examines a weekly chart of Copper and points out that the metal in danger of breaking a key long-term support level.
Juicy Trade Emerges as Volatility Gets Squeezed – All Star Charts
In this post, Tom Bruni shares his thoughts on Orange Juice futures. He highlights the fact volatility has contracted to record low levels, suggesting a big move could be on the horizon.
When a Strong Stock in a Leadership Group Pulls Back – StockCharts.com
Mary Ellen McGonagle lays out a trade idea on a software stock that’s breaking out of a six-year base, Anaplan ($PLAN).
Top 10 Tweets
Your Market Recap…
S&P 500: All-Time High
Dow: All-Time High
Nasdaq: All-Time High
Wilshire 5000: All-Time High pic.twitter.com/xwpMhALM4y
— Charlie Bilello (@charliebilello) February 6, 2020
— Mark Ungewitter (@mark_ungewitter) February 6, 2020
— Dan Russo, CMT (@DanRusso_CMT) February 6, 2020
All eyes on mega cap tech but I'd much rather watch Financials for a signal. If the $XLF is able to participate in the upside and make higher highs, then something good is happening with equities. Otherwise, there is weakness under the hood. pic.twitter.com/hWFmfWQoMO
— David Keller, CMT (@DKellerCMT) February 6, 2020
— Gregory Bent (@gregorybent) February 6, 2020
— Nautilus Research (@NautilusCap) February 6, 2020
A strong recovery in the Chinese technology sector (so far this week), up 7%.
It is a complete 180 from the last week's panic when investors sold down all stocks in a rush.
— Tiho Brkan (@TihoBrkan) February 6, 2020
Link to a Bloomberg datafeed to show any data fields. Here's Short Interest charts for $TSLA and similarly sized companies. At 17.5% the % of Equity Float is lowest it's ever been, dropping from 33% in June, with a current Days to Cover Ratio of 1.36: pic.twitter.com/2wo5ty9UwH
— Optuma (@Optuma) February 6, 2020
— J4 (@J4_fibo) February 6, 2020
Apple, Microsoft, Amazon, and Google are closing in on a combined $5 trillion in market cap
10 years ago they were worth a combined $644 billion pic.twitter.com/vcssT5PBZ8
— Ben Carlson (@awealthofcs) February 6, 2020