Monday, July 13th, 2020
Indices: US Stocks closed mostly lower in today’s session after giving back the day’s earlier gains. The Dow Jones Industrial Average ended flat, changing just 10 points or 0.04%. The S&P 500 and Nasdaq dropped 0.94% and 2.13%, respectively. The Russell 2000 fell 1.34%.
Sectors: Health Care led, rising 0.57%. Technology lagged, falling 2.07%.
Commodities: Crude Oil futures moved lower by 1.11% to $40.10 per barrel. Gold futures rose 0.17% to $1,805 per ounce.
Currencies: The US Dollar Index slipped 0.13%.
Interest Rates: The US 10-year Treasury yield fell to 0.620%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Approaching +30%, Copper’s rally over the last 3-months exceeds the 95th percentile of all historical observations. Overbought to be sure, but more reflective of the momentum surge often found in the early makings of a trend change. pic.twitter.com/moAGgsJXkK
— Strategas (@StrategasRP) July 13, 2020
Today’s Chart of the Day was shared on Twitter by Strategas Research (@StrategasRP). Copper has been gaining momentum lately and is currently working on a six-day winning streak. Strategas points out that Copper is up nearly 30% over the past three months, which exceeds the 95th percentile of all historical observations. While this is undoubtedly overbought in the near-term, Strategas adds that momentum surges like this are often associated with major lows. Strength in Copper bodes particularly well for Emerging Market stocks, as the two are highly correlated. In a comment to The Chart Report, Todd Sohn of Strategas told us, “The implications for Emerging Markets are bullish. You’ve seen an above-average forward performance from Emerging Markets when Copper gives off this signal.”
Quote of the Day
“A bubble is a bull market in which the user of the word bubble has not fully participated.”
– Jim Grant
Was That The Top? – The Irrelevant Investor
Michael Batnick of Ritholtz Wealth Management weighs-in on the Nasdaq’s sharp intraday reversal.
The Crash That Sparked Rotation Into Emerging Markets – All Star Charts
JC Parets takes a look at the ongoing rotation into Emerging Market stocks.
Another Rotation Ahead? – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff highlight the strongest stocks and trends across the market.
Long-Term Trend Shifting in Favor of Gold – StockCharts.com
Respected analyst, John Murphy offers his thoughts on Gold.
Silver At New Highs – Bespoke
Bespoke examines the recent strength in Silver.
Today's Mkt Mood: RISK-OFF
– Bearish reversal, ugly close
– SPX June 8 resistance kicks in
– NYFANG overextension too
– $ up on U.S./China headlines
— Abigail Doolittle (@TheChartress) July 13, 2020
The Nasdaq 100 rallied more than 2% intraday to set an all-time high, then reversed to close down by more than 1%.
It's done that twice. Today was one.
March 7, 2000 was the other. pic.twitter.com/zEJoOrf6JZ
— SentimenTrader (@sentimentrader) July 13, 2020
— BostonCharts (@bostonchaahhts) July 13, 2020
As goes copper, so goes emerging markets. pic.twitter.com/EfiaZMXdhV
— Michael McKerr (@MikeMcKerr_TDA) July 13, 2020
— J4 (@J4_doji) July 13, 2020
Lumber futures have rallied over 100% off the March low. Since 1972, lumber has only been this far above its 50-day MA one previous time, 1993. pic.twitter.com/2QwbdWcD1v
— Andrew Thrasher, CMT (@AndrewThrasher) July 13, 2020
— David Keller, CMT (@DKellerCMT) July 13, 2020
— Charlie Bilello (@charliebilello) July 13, 2020
— Jonathan Krinsky,CMT (@jkrinskypga) July 13, 2020
shout out to the Tesla bears, you were right after all…after all of that 900% rally pic.twitter.com/7boDH1O4cL
— ATMtbdCharts (@ATMcharts) July 13, 2020