Friday, October 8th, 2021
Indices: US Stocks closed slightly lower in today’s session. The Dow was flat (0.03%). The S&P 500 and Nasdaq slipped 0.19% and 0.51%, respectively. The Russell 2000 underperformed, falling 0.76%.
Sectors: 2 of the 11 sectors closed higher. Energy led by a wide margin, gaining 3.08%. Real Estate lagged, falling 1.09%.
Commodities: Crude Oil futures rose 1.53% to their highest level since 2014 at $79.50 per barrel. Gold futures inched lower by 0.15% to $1,757 per ounce.
Currencies: The US Dollar Index slipped 0.10%.
Interest Rates: The 10-year US Treasury yield rose to a four-month high of 1.608%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Commodities don't care about messy market for equities in 2021, they are showing leadership versus both stocks and bonds. pic.twitter.com/xho4dQNLR0
— Willie Delwiche (@WillieDelwiche) October 8, 2021
Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). The chart shows Commodities ($DBC), relative to Stocks and Bonds over the past four years. Willie points out that Commodities are outperforming both Stocks and Bonds so far this year. Generally speaking, investors lack exposure to Commodities as an asset class, and it’s understandable. Prior to this year, Commodities had been dead money for a decade. They don’t yield income like other asset classes, so they’ve been relatively unattractive in the low-interest-rate environment that we’ve been in. Also, they require more tactical management than Stocks or Bonds, making them unpopular in this era of passive investing. In a note written earlier today, Willie said, “We like to say that dollars flow to where they are treated best. If that is the case, Commodities could soon see a surge of inflows. For many investors, Commodity exposure isn’t even included as part of the asset allocation discussion. At least, not yet.”
Quote of the Day
“Win as if you were used to it,
lose as if you enjoyed it for a change.”
– Ralph Waldo Emerson
Columbus Day Performance – Bespoke
Bespoke examines how the S&P 500 has historically performed on Columbus Day.
The Longest Pullback in Nearly a Year – SentimenTrader
Jason Goepfert points out that the S&P 500 hasn’t gone this long without an all-time high in nearly a year.
Crude Breaks Out | 5 Charts – LPL Financial Research
Ryan Detrick and Scott Brown discuss five noteworthy charts that they’re watching.
Lack of Bearish Sentiment Could Have Negative Effects on Markets: Fairlead Strategies’ Founder – BNN Bloomberg
In this clip, Katie Stockton offers her outlook on stocks.
The Dopest Charts On Earth – The Compound & Friends
In this podcast, JC Parets shares his technical perspective with Josh Brown, Michael Batnick, and Tyrone Ross.
-Q4 avg. return +5.8%
-%positive 100% pic.twitter.com/W1M4AWcZCF
— Seth Golden (@SethCL) October 8, 2021
No serious correction for big tech yet … recent max drawdown for NASDAQ 100 was -7.7%, which eclipsed -7.4% pullback in May, but is less than -11% in March or -12.8% in September 2020
[Past performance is no guarantee of future results] pic.twitter.com/Zs88y0qxpN
— Liz Ann Sonders (@LizAnnSonders) October 8, 2021
Energy once again leading the market by a wide margin pic.twitter.com/tHMfiqQb9M
— Market Rebellion (@MarketRebels) October 8, 2021
Another good day for energy/financials pic.twitter.com/say1QBGQt6
— The Long View 🌑 (@HayekAndKeynes) October 8, 2021
— Steven Strazza (@sstrazza) October 8, 2021
Financials vs. Industrials
Moving out of an 11-year base… pic.twitter.com/a277TO4CRB
— Ian McMillan, CMT (@the_chart_life) October 8, 2021
At 1.6%, the 10-year Treasury yield is twice as high as it was at this time a year ago. pic.twitter.com/Si0hRkKxJK
— Brian Chappatta (@BChappatta) October 8, 2021
— Pratyush Tulsian (@PrattyCharts) October 8, 2021
— Ian Culley (@IanCulley) October 8, 2021
— Jim Bianco (@biancoresearch) October 8, 2021
You’re all caught up now. Thanks for reading!