Monday, November 23rd, 2020
Indices: US Stocks kicked off Turkey Week on a positive note, with the Dow Jones Industrial Average advancing 328 points or 1.12%. The S&P 500 and Nasdaq rose 0.56% and 0.22%, respectively. Small-Caps outperformed with the Russell 2000 gaining 1.85%.
Sectors: 8 of the 11 sectors closed higher. Energy led by a wide margin, jumping 7.07%. Real Estate lagged, slipping 0.32%.
Commodities: Crude Oil futures moved higher by 0.99% to $42.84 per barrel. Gold futures dropped 1.99% to $1,835 per ounce.
Currencies: The US Dollar Index rose 0.18%.
Interest Rates: The 10-year US Treasury yield moved higher to 0.859%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
If you're looking for a top, STOP. We're closer to the beginning of the move, not the end. pic.twitter.com/TTHBYHQxfM
— JasonLeavitt (@JasonLeavitt) November 23, 2020
Today’s Chart of the Day was shared by Jason Leavitt (@JasonLeavitt). It’s a monthly candlestick chart of the Russell 2000 ETF, $IWM, over the past four years. Small-Caps have gotten a lot of buzz lately, and rightfully so. The Russell 2000 has surged more than 18% in November, putting it on track for its best month ever. It’s easy to look at a move like this and say price has gone “too far too fast.” However, it’s important to consider that Small-Caps have made zero forward progress in more than two years. From this longer-term perspective, it certainly appears as though we’re in the early innings of a new cyclical bull market.
Quote of the Day
“Learn how to see. Realize that everything connects to everything else.”
– Leonardo da Vinci
Five Charts to Start the Week – Marea Market Musings
Dan Russo shares five charts that he’s watching this week.
Don’t Make Bitcoin Your Religion – All Star Charts
As Bitcoin approaches record highs, JC Parets reminds us not to get caught up in the narrative.
Metals: What Happened? – Fibonacci.com
Tarek Saab offers an update on Precious Metals.
Wall of Worry – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some noteworthy technical developments they’re watching.
Pay Attention to the New Breadth Thrust – The Reformed Broker
Josh Brown weighs-in on the recent expansion in breadth.
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Internals were great today…tech really the only thing holding down the index $SPX
note that bottom right corner 🙂 pic.twitter.com/dpEifcT3Dg
— ??? (@chigrl) November 23, 2020
Smalls are soaring once again today.
The Russell 2000 is up 18.4% for the month.
This would be the best month EVER for small caps. Wow. pic.twitter.com/0viYyMK5xW
— Ryan Detrick, CMT (@RyanDetrick) November 23, 2020
SMID to trend followers: "I'm back, baby!!!" pic.twitter.com/OVV1OOXpcv
— Mark Ungewitter (@mark_ungewitter) November 23, 2020
$IWM is 22% above its 50 week moving average
Last time was after the GFC pic.twitter.com/jE5d2iYBWb
— Steve Place (@stevenplace) November 23, 2020
Two things about leadership rotation from large-caps to small-caps:
1. From a time perspective, it's been ongoing for a while beneath the surface.
2. From a degree perspective, even with recent acceleration it's just getting started. pic.twitter.com/bBWHucv1zF
— Willie Delwiche, CMT, CFA (@WillieDelwiche) November 23, 2020
$PBW Clean Energy ETF
up another 5%…. over 3mos +58%.
top names today $BLNK $FCEL $KNDI $BE $WKHS $IEA $FUV $TSLA pic.twitter.com/Q2CaqVE7HX
— Christian Fromhertz (@cfromhertz) November 23, 2020
Emerging markets: With the #economy in China improving, the #USdollar making new lows & the #Fed keeping financial conditions loose, EM #equities continue to outperform. For the first time in 2+ years, the MSCI EM Index is outperforming the #SP500 on a year-over-year basis. #SPX pic.twitter.com/hAyh9OQeWB
— Jurrien Timmer (@TimmerFidelity) November 23, 2020
The $USD is hovering ominously just above well-defined intermediate lows, and 52-week lows, centered on the 92+/- level. Any weakness in the period immediately ahead would set in motion a prospective drop to much lower levels. pic.twitter.com/bPfoZLZ7pJ
— Carter Braxton Worth (@CarterBWorth) November 23, 2020
All that glitters is not gold… pic.twitter.com/pOPT3J9Zgh
— Walter Deemer (@WalterDeemer) November 23, 2020
— Arun S. Chopra CFA CMT? (@FusionptCapital) November 23, 2020