Wednesday, October 9th, 2019
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 182 points or 0.70%. The Nasdaq was the strongest of the major averages, gaining 1.02%.
Sectors: All 11 sectors of the S&P 500 closed higher. Technology led, gaining 1.49%. Real Estate lagged but still gained 0.31%.
Commodities: Crude Oil futures changed just 0.08% to $52.59 per barrel. Gold futures moved higher by 0.59% to $1,513 per ounce.
Currencies: The US Dollar Index changed just 0.02%.
Interest Rates: The US 10-year Treasury yield rose to 1.587%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by @vixsquared. It’s a daily candlestick chart of the S&P 500 with a line chart of the Value Line Geometric Composite ($VALUG) overlayed. The Value Line Geometric Composite is an equally weighted index of about 1700 stocks. It uses a geometric average, so the daily change reflects the median stock price change. Some argue that it provides a broader and more accurate representation of the market than popular benchmarks like the S&P 500. As you can see from the chart, $VALUG has been diverging from the S&P 500 as it puts in a series of lower highs while the S&P 500 makes a series of higher highs. This is one development that several Technicians have been pointing too as a potential warning sign for the market. For more on this divergence and what it means check out this blog post from Andrew Thrasher.
Quote of The Day
Why Now is the Time to Buy S&P E-Mini Futures – Bloomberg
Bank of America Technical Analyst, Steve Suttmeier joins host Abigail Doolittle to present his bullish outlook on the S&P 500.
Defensive Sectors Lead the Charge – StockCharts.com
Erin Swenlin of StockCharts.com lays out five defensive stocks that have bullish technicals including, $COST, $HSY, $IRT $NX, and $SJW.
Stock Market Bear Case Taking Shape? – Honey Stocks
In this video, Sam McCallum examines the bear case for US Equities and takes a look at the charts of some individual stocks and sectors.
What Diverging Sentiment Surveys Might Mean for Stocks – Schaeffer’s Investment Research
Schaeffer’s Investment Research discusses the difference between the Investors Intelligence sentiment survey and the AAII sentiment survey.
Trendline Wednesday – 10/9/2019 – Dana Lyons
Dana Lyons highlights some noteworthy stocks and industry groups that are currently testing their trendlines.
Top 10 Tweets
Monday, October 14th – Dallas Chapter Meeting Featuring Jeffery Hirsch
Tuesday, October 15th – Minnesota Chapter Meeting Featuring Dave Keller, CMT
Tuesday, October 22nd – New York Chapter Meeting Featuring Sam Stovall
You’re all caught up now. Thanks for reading!