Thursday, October 21st, 2021
Indices: Dow -0.02% | S&P 500 +0.30% | Nasdaq +0.62% | Russell 2000 +0.28%
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, rising 1.47%. Energy lagged, falling 1.85%.
Commodities: Crude Oil futures fell 1.10% to $82.50 per barrel. Gold futures inched lower by 0.17% to $1,782 per ounce.
Currencies: The US Dollar Index rose 0.17%.
Interest Rates: The US 10-year Treasury yield continued higher to 1.704%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— 𝐁𝐫𝐚𝐧𝐝𝐨𝐧 𝐕𝐚𝐧 𝐙𝐞𝐞 (@BrandonVanZee) October 21, 2021
Today’s Chart of the Day was shared by Brandon Van Zee (@BrandonVanZee). It’s a daily candlestick chart of the S&P 500 over the past six months. Brandon points out that the S&P 500 just closed at an all-time high for the first time in 33 trading days. This was the longest stretch without an all-time high that we’ve seen so far this year. Why do we care about all-time highs? Because when price enters blue sky territory like this, there’s virtually no overhead supply to prevent it from moving higher. Keep in mind, seasonality is shifting from bearish to bullish. After a mild pullback, the world’s most important index looks poised for new leg higher.
Quote of the Day
“When you talk, you are only repeating what you already know. But if you listen, you may learn something new.”
– Dalai Lama
Late October is the Time to Buy Stocks – Almanac Trader
Seasonality expert, Jeff Hirsch points out that Small-Caps often begin to outperform Large-Caps at the end of October.
Breadth Was the Bear Case, Now It’s Improving – Potomac Fund Management
Dan Russo takes a look at the recent improvement in breadth.
Sentiment Surge – Bespoke
Bespoke breaks down the results of the latest sentiment survey.
October Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five themes to watch this month.
New all-time high close for the S&P 500. This was the index's 55th record high this year.
— Eddy Elfenbein (@EddyElfenbein) October 21, 2021
I guess this is the part where I tell you that the S&P 500 just capped a 7-day winning streak, its eighth in 8 years 👀
— Callie Cox (@callieabost) October 21, 2021
— Urban Carmel (@ukarlewitz) October 21, 2021
— Grant Hawkridge (@granthawkridge) October 21, 2021
Midcap Breakout? pic.twitter.com/kwAKCrkmeZ
— Nautilus Research (@NautilusCap) October 21, 2021
— Steven Strazza (@sstrazza) October 21, 2021
— Alfonso Depablos (@AlfCharts) October 21, 2021
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 21, 2021
— Matt Weller CFA, CMT (@MWellerFX) October 21, 2021
Good Morning Everyone! Remember:
Bitcoin is worth 2x JPMorgan
Tesla is worth 3x ExxonMobil
GameStop is worth 12x more than last year.
It’s a new world.
— Genevieve Roch-Decter, CFA (@GRDecter) October 21, 2021
You’re all caught up now. Thanks for reading!