Wednesday, September 18th, 2019
Indices: US stocks were mixed in today’s session with the Dow Jones Industrial Average inching higher by 36 points or 0.13%. The S&P 500 was flat, changing just 0.03%. The Nasdaq and Russell 2000 fell 0.11% and 0.63%, respectively.
Sectors: Utilities led, gaining 0.42%. Energy lagged for the second day in a row, falling 0.48%.
Commodities: Crude Oil futures dropped 2.18% to $58.00 per barrel. Gold futures moved slightly higher by 0.17% to $1,516 per ounce.
Currencies: The US Dollar Index rose 0.28%.
Interest Rates: The US 10-year Treasury yield moved lower to 1.80%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Dana Lyons (@JLyonsFundMgmt). It is a line chart of the Thomson Reuters CRB Commodity Index. The Index tracks 19 different commodities including; Crude Oil, Live Cattle, Copper, Soybeans, Lean Hogs, Gold, Corn, Wheat, Cotton and more. The index divides these commodities into four groups: 39% Energy, 34% Agriculture, 20% Metals and 7% Livestock. Dana notes that the index is currently testing its downtrend line from 2014. It’s down 43% in that time, however, the downtrend really goes back over a decade to the 2008 peak (not shown on the chart.) An interesting thing to think about when looking at this chart is how a breakout in commodity prices would impact inflation data.
Quote of The Day
Breaking Down the Russell Indices – The Chart Report
In this report, we take a look at some of the differences between the Russell 1000, 2000, and 3000.
Bonds Poised to Outperform Small-caps, BofA Merrill’s Ciana Says – Bloomberg
Technical Strategist, Paul Ciana was featured on Bloomberg’s Smart Charts segment to discuss his outlook on US Treasury Yields.
Stocks, Oil, and Bond Yields at Critical Bullish Breakout Tests – Kimble Charting
Chris Kimble points out that the 10-year US Treasury Yield, Crude Oil, and the S&P 500 are all currently testing key inflection points.
Small Cap Rally: Why This Week Will Be Make-or-Break for the Russell 2000 – MarketWatch
This piece focuses on the Small-cap Russell 2000 and includes insights from Bank of America’s Technical Strategist, Steve Suttmeier.
Chief Mark Technician on Whether Rotation From Momentum to Value is Real – CNBC
Frank Cappelleri of Instinet made an appearance on CNBC this afternoon to share his thoughts on Software stocks and the rotation from Momentum to Value.
Top 10 Tweets
There’s an old adage, “don’t fight the Fed.” Means that if the Fed is on a tightening course, don’t be long. And if the Fed is lowering rates, as now, don’t be short. Doesn’t always hold true, but often enough to ignore. The Fed has a lot of tools to achieve its objectives.
— Lloyd Blankfein (@lloydblankfein) September 18, 2019
If the first two cuts in a new cycle are 25 basis points, stocks historically have done quite well.
Last 5 cycles saw S&P 500 up 9.7% six months later and 16.7% a year later. pic.twitter.com/f6vFqBXdag
— Ryan Detrick, CMT (@RyanDetrick) September 18, 2019
While intraday time frames are not as important as daily, weekly, or monthly time frames, this is constructive price action for making an attempt at all-time-highs. Time and price will confirm.$SPX $SPY $ES_F pic.twitter.com/1FPNhinP3c
— Adaptiv (@adaptiv) September 18, 2019
— Charlie Bilello (@charliebilello) September 18, 2019
— FlynancialAnalyst (@FlynancialA) September 18, 2019
— Nautilus Research (@NautilusCap) September 18, 2019
US oil is 'closing the window' from Monday's gap, but it still has a long way to go – still 6.4% away from Friday's close pic.twitter.com/PvHL38mKjq
— John Kicklighter (@JohnKicklighter) September 18, 2019
— HiddenPivots (@HiddenPivots) September 18, 2019
— Brian Shannon, CMT (@alphatrends) September 18, 2019
Happy #NationalCheeseburgerDay! 🍔
— YCharts (@ycharts) September 18, 2019
You’re all caught up now. Thanks for reading!