Wednesday, November 27th, 2019
Indices: US stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 42 points or 0.15%. The S&P 500 and Nasdaq gained 0.42% and 0.66%, respectively. The Russell 2000 was up 0.61%.
Sectors: 10 out of the 11 sectors closed higher. Consumer Discretionary led, gaining 0.86%. Industrials were the only sector to close lower, slipping just 0.10%.
Commodities: Crude Oil futures fell 0.51% to $58.11 per barrel. Gold futures were unchanged at $1,461 per ounce.
Currencies: The US Dollar Index was slightly higher by 0.06%.
Interest Rates: The US 10-year Treasury yield rose to 1.767%.
*As a reminder, both the Stock Market and the Bond Market will be closed tomorrow in observance of Thanksgiving. Friday, November 28th will be a half-day for both markets.*
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Your Market Recap…
S&P 500: All-Time High👏
Dow: All-Time High👏
Nasdaq: All-Time High👏
Wilshire 5000: All-Time High👏
Happy Thanksgiving🦃 pic.twitter.com/Kvqc9JgOGt
— Charlie Bilello (@charliebilello) November 27, 2019
Today’s Chart of the Day was shared on Twitter by Charlie Bilello (@charliebilello). In white is the S&P 500, in purple is the Dow Jones Industrial Average, in pink is the Nasdaq Composite, and in red is the Wilshire 5000. Charlie points out that investors have a reason to be thankful this year with all four of these major US indices closing at all-time highs before tomorrow’s holiday. To be fair, one major US index that didn’t make this list is the Russell 2000. The index is still about 6% below its all-time high; however, the index saw an important breakout this week from key resistance. Keep in mind, hitting all-time highs is the single most bullish thing a stock or index can do.
Quote of the Day
“Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.”
Russell 2000 Futures Headed Higher, Macro Risk’s Kolovos Says – Bloomberg
John Kolovos, Chief Technician at Macro Risk Advisors made an appearance on Bloomberg to share his thoughts on the recent breakout in the Small-Cap Russell 2000 index.
Stocks and a Window of Opportunity – Ciovacco Capital Management
In this video, Chris Ciovacco breaks down why he thinks stocks still have significant potential upside from here.
What Will Take the Dow to 30,000? – All Star Charts
JC Parets argues that the Technology sector will likely lead the Dow Jones Industrial Average to 30,000.
Copper/Gold: Macro Inflection Reflections – Topdown Charts
Callum Thomas examines the Copper/Gold ratio and what it could be signaling about global growth right now.
What the Breakout in Small-Caps Might Mean – SentimenTrader
Jason Goepfert of SentimenTrader takes a look at how the Russell 2000 tends to perform 6-12 months after hitting a new 52-week high like it did this week.
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Top 10 Tweets
So far this year, the US 60/40 portfolio has had its best year since 1998 – GS pic.twitter.com/rMbbk7AMes
— OK Sam Ro 📈 (@SamRo) November 26, 2019
BUT we're hugging this two-decade trend line, overbought on daily (healthy LT, not ST) & greed factor is high. Cautious here until break up from TL imo pic.twitter.com/UIOhzWkUff
— Tarek I. Saab (@FibLines) November 27, 2019
— Ian McMillan, CMT (@the_chart_life) November 27, 2019
— Drew Wells, CIMA®, CRPC® (@DrewTheCharts) November 27, 2019
— Dana Lyons (@JLyonsFundMgmt) November 27, 2019
— Jason (@JasonPerz138) November 27, 2019
Both doing very well as you can see, either at ATHs or hooking on the MACD and pivoting up to test ATHs. pic.twitter.com/22Ke7piU2D
— Tex+ (@theycallmetex) November 27, 2019
— Louis (@haumicharts) November 27, 2019
While we're all focused on strength in stocks, crude oil is quietly banging out a pattern of higher highs and higher lows. Oil strength = energy strength = not a bet many are making here. $WTIC #crudeoil $XLE pic.twitter.com/ZGpzklmw8h
— David Keller, CMT (@DKellerCMT) November 27, 2019
There are likely to be some MONSTER January Effect names this year. I have talked to a lot of people that have sold names down to offset big gains this year.
— Tony Dwyer (@dwyerstrategy) November 27, 2019
You’re all caught up now. Thanks for reading!