Thursday, October 31st, 2019
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average giving up 140 points or 0.52%. The S&P 500 and Nasdaq were lower by 0.30% and 0.14%, respectively. The Russell 2000 was the weakest of the major indices, falling 0.66%.
Sectors: Utilities led for the second day in a row, gaining 0.55%. Materials lagged, falling 1.12%.
Commodities: Crude Oil futures moved lower by 1.63% to $54.18 per barrel. Gold futures jumped 1.22% to $1,515 per ounce.
Currencies: The US Dollar Index fell 0.33%.
Interest Rates: The US 10-year Treasury yield dropped to 1.686%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Tomasz Hońdo (@HondoTomasz) October 31, 2019
Today’s Chart of the Day was shared on Twitter by Tomasz Hońdo (@HondoTomasz). The chart compares the performance of the S&P 500, Developed Markets (ex USA), and Emerging Markets since the start of 2018. Tomasz notes that in late 2018, both Developed and Emerging Markets were diverging from the S&P 500. The S&P 500 was making a series of higher-highs while the other two were making a series lower-highs. A sharp, 20% correction followed this divergence in the S&P 500 in the final three months of 2018. Tomasz brings to our attention that no such divergence currently exists and highlights the fact that all three have made a series of higher lows in recent months.
Quote of The Day
“Do the thing you fear and the death of fear is certain.”
– Ralph Waldo Emerson (American Poet)
Rockin’ Russia! – StockCharts.com
Julius de Kempenaer of StockCharts.com points out that Russia is currently one of the strongest global markets.
How the Markets Tend to Perform after the Fed Cuts Rates – Yahoo Finance
Ryan Detrick of LPL Financial Research breaks down how the S&P 500 tends to perform after the Federal Reserve cuts interest rates like they did yesterday.
A Commodities Inflection Point – All Star Charts
Tom Bruni of All Star Charts shows that the CRB Commodity Index and the Canadian Dollar are attempting to break out from multi-year downtrends.
Transportation Sector Still Key to Market’s Breadth – Market Gauge
Michele Schneider discusses some notable technical developments and tells readers to keep an eye on the Dow Transportation Average.
Getting Technical: Finally Bullish on Facebook Again – Yahoo Finance
Brian Shannon of AlphaTrends.net explains why he’s bullish on Facebook ($FB) and lays out some levels of interest to keep an eye on.
Top 10 Tweets
— Liz Ann Sonders (@LizAnnSonders) October 31, 2019
S&P 500 hit a new high yesterday. Here's the amount of individual S&P 500 stock participation:
— Andrew Thrasher, CMT (@AndrewThrasher) October 31, 2019
As I pointed out on Tuesday, a market can only run so far on thin weak legs. In order to bring back the punch bowl and really get the party going again, we need more participation. https://t.co/4aPrzJBf6h
— Mark Minervini (@markminervini) October 31, 2019
S&P —- Pre Election Year Seasonal Template. pic.twitter.com/Pe2ltzNiVY
— Nautilus Research (@NautilusCap) October 31, 2019
Last day of "The Worst 6 Months" of the year. Did markets ignore seasonal weakness or respect this seasonal trend? By my work, so far US Stocks have ignored the fact that they were supposed to fall the past 6 months. We'll chalk that up as another feather in the hat for the bulls pic.twitter.com/mhDB269nCk
— J.C. Parets (@allstarcharts) October 31, 2019
— Michael Kahn, CMT (@mnkahn) October 31, 2019
— jeroen blokland (@jsblokland) October 31, 2019
Junior gold mining stocks outperforming their bigger brothers. Usually (not always; usually) a good sign. pic.twitter.com/gCJ8A4s43g
— Walter Deemer (@WalterDeemer) October 31, 2019
— Drew Wells, CIMA®, CRPC® (@DrewTheCharts) October 31, 2019
$TAP – the ‘banquet beer’…
— J4 (@J4_fibo) October 31, 2019
Wednesday, November, 20th – New York Chapter Meeting featuring Gina Martin Adams, CMT, CFA
Thursday, November, 21st – Washington DC/Baltimore Chapter Meeting featuring Katie Stockton, CMT
You’re all caught up now. Thanks for reading!