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Today’s Summary
Thursday, October 14th, 2021
Indices: US Stocks closed higher across the board in today’s session. The Dow gained 535 points or 1.56%. The S&P 500 and Nasdaq rose 1.71% and 1.73%, respectively. The Russell 2000 underperformed but still gained 1.44%.
Sectors: All 11 sectors closed higher by more than 1%. Materials led, gaining 2.43%. Consumer Discretionary lagged but still rose 1.05%.
Commodities: Crude Oil futures rose 1.23% to a seven-year high of $81.43 per barrel. Gold futures inched higher by 0.14% to $1,797 per ounce.
Currencies: The US Dollar Index was flat (0.02%).
Interest Rates: The US 10-year Treasury yield fell for the third straight day to 1.514%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
When are they going to inflation adjust the penny? #copper #Breakout pic.twitter.com/DSpPQsj2o3
— Phillip Streible (@PStreible) October 14, 2021
Today’s Chart of the Day was shared by Phillip Streible (@PStreible). It’s a daily candlestick chart of Copper futures over the past eight months. Stocks rocketed higher today, but the real MVP was Copper. It’s up nearly 7% in the past two days and it looks poised to test all-time highs. There’s a lot of information to be gleaned from this move. For starters, Copper is a great indicator of economic health because of its numerous industrial applications. If Copper is in high demand like this, it means the economy is probably doing just fine. This is bullish for US Stocks, and even more so for Emerging Markets. It’s also worth noting that the Copper/Gold ratio is resolving higher after going sideways for the majority of the year. As you might know, interest rates are highly correlated to the Copper/Gold ratio, so it’s further evidence that rates are likely to continue heading north.
Quote of the Day
“If you want a friend on Wall Street,
get a dog.”
– Carl Icahn
Top Links
Gold: Don’t Call it a Comeback – All Star Charts
JC Parets points out that Gold is starting to look attractive.
Another Week of Better Breadth – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
Double Digit Gain for Bullish Sentiment – Bespoke
Bespoke analyzes the results of the latest sentiment surveys.
Natural Gas ETF (UNG) Testing the Top of 7-Year Falling Price Channel – See it Market
Chris Kimble points out that Nat Gas is running into resistance after surging higher for months.
Top Tweets
Breakthrough! Today’s 1.71% S&P 500 rally (best daily performance since March 5) helped it soar above its 50-day moving average for the first time since mid-September, a good sign for a continued bull market. pic.twitter.com/iNNGorzJLD
— Larry Adam (@LarryAdamRJ) October 14, 2021
$SPX finally filled the Sept 28th gap. pic.twitter.com/VY098trtfE
— Walter Deemer (@WalterDeemer) October 14, 2021
Russell 2000 pushing up towards the top end of this triangle today. This range has tested our patience, but we think we break out higher sooner rather than later.@LPLResearch pic.twitter.com/OvUdUJ3hv4
— Scott Brown, CMT (@scottcharts) October 14, 2021
$FM Frontier Markets up 9 days in a row. pic.twitter.com/1D6DYfLNgd
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 14, 2021
$EIDO Indonesia…
…working on 12th straight gain. ? pic.twitter.com/EBsZT3bIxa
— Frank Cappelleri (@FrankCappelleri) October 14, 2021
#bitcoioin #Crypto $XBT — Returns from new ATHs. pic.twitter.com/BxhiESCsYp
— Nautilus Research (@NautilusCap) October 14, 2021
Crude Oil closes at its highest level since October 2014, doubling over the last year. pic.twitter.com/ovL5MdQgzg
— Charlie Bilello (@charliebilello) October 14, 2021
$COPX Copper has been sneaky. Nice bull flag on the weekly. $FCX $SCCO $LUN.CA pic.twitter.com/eW9OmWn23m
— Greg Rieben (@gregrieben) October 14, 2021
These two look almost identical.
As copper is retesting its previous highs, will we see emerging markets follow suit?$EEM $HG_F pic.twitter.com/88r6FxGeT4
— Alfonso Depablos (@AlfCharts) October 14, 2021
$HG_F vs $GC_F
Copper vs Gold ratio seeing some expansion out of this recent compression. pic.twitter.com/yKRkSDKxPu— Pratyush Tulsian (@PrattyCharts) October 14, 2021
The $TNX and $HG_F / $GC_F ratio are poised to resolve higher. pic.twitter.com/RbhImVK5hK
— Ian Culley (@IanCulley) October 14, 2021
How it started. How it’s going. pic.twitter.com/FpMAzfBREN
— Javier Blas (@JavierBlas) October 14, 2021
You’re all caught up now. Thanks for reading!