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Today’s Summary
Thursday, November 30, 2023
Indices: Dow +1.47% | S&P 500 +0.38% | Russell 2000 +0.29% | Nasdaq 100 -0.25%
Sectors: 9 of the 11 sectors closed higher. Health Care led, gaining +1.26%. Communications lagged, falling -0.58%.
Commodities: Crude Oil futures dropped -2.44% to $75.96 per barrel. Gold futures fell -0.48% to $2,057 per oz.
Currencies: The US Dollar Index rose +0.66% to $103.52.
Crypto: Bitcoin inched lower by -0.38% to $37,719. Ethereum rose +1.20% to $2,054.
Volatility: The Volatility Index fell -0.62% to 12.91.
Interest Rates: The US 10-year Treasury yield rose to 4.328%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The S&P 500 gained 8.9% in November, the 18th biggest monthly advance since 1950. $SPX pic.twitter.com/QekjOfvMnX
— Charlie Bilello (@charliebilello) November 30, 2023
Today’s Chart of the Day was shared by Charlie Bilello (@charliebilello). We hope you bought in October and got yourself sober because it was a November to remember. The S&P 500 violently snapped a three-month losing streak in November, rising +8.9%. This marks the best month since July 2022 and the 18th-best month on record. If you think the S&P 500 has come “too far, too fast,” think again because momentum is a funny thing. According to the data table, the strongest months have historically been followed by above-average returns across all time frames. The next month isn’t very impressive, but the alpha becomes more pronounced as you look further. Too far, too fast certainly has a nice ring to it, but history tells us that unusually strong months often produce unusually strong returns.
Quote of the Day
“Opportunity arises when the gap between reality and perception becomes significant.”
–Francois Rochon
Top Links
Let’s Talk About Santa and December – Carson Group
Ryan Detrick lays out everything you need to know about December seasonality and the Santa Claus Rally.
Bear’s Unprecedented Drop – Bespoke
Bespoke breaks down the latest results of the AAII Sentiment Survey.
Rotation, Rotation, Rotation – Trading Adventures
Andy Moss looks at some of the major technical developments across the markets.
Charts YOU Requested – Stock Market TV
Check out today’s episode of Chart Request Live, where we break down your favorite tickers and answer viewer’s questions.
Top Tweets
S&P 500 posted one of its strongest November gains on record pic.twitter.com/sMyr0JT3Ld
— Liz Ann Sonders (@LizAnnSonders) November 30, 2023
Three months of selling erased in one. $QQQ
INSANE. 🤯 pic.twitter.com/QQBQsbDbZX
— TrendSpider (@TrendSpider) November 30, 2023
Dow Jones Industrials soars to its highest price of the year! pic.twitter.com/U7QdLaSJBA
— Barchart (@Barchart) December 1, 2023
We will hear a LOT about the upcoming Santa Claus rally.
Take note, the true SCR isn't until the final 5 days of the year and first two of the following yr.
But also note that December is usually strong, but the gains happen late. pic.twitter.com/S8Y15nXQZV
— Ryan Detrick, CMT (@RyanDetrick) November 30, 2023
So the S&P 500 got "off the schneid" this month. Our 3-month losing streak didn't make it to a 4-month losing streak.
Here are *all* calendar months that match (i.e. a 1 up, 3 down, 1 up pattern of monthly returns).
It's like if Curry started 0-3 from deep & then hit his 4th -… pic.twitter.com/hi0MspuOBV
— Steve Deppe, CMT (@SJD10304) November 30, 2023
Bearish sentiment on the @AAIISentiment Survey was above 50% on October 30. In just 4 weeks, bearish respondents dropped to under 20% for the first time since 2018. This is one of the biggest 4-week drops in sentiment from a point where a majority of respondents were bearish EVER pic.twitter.com/VDT5cng7nL
— David Settle, CMT (@davidsettle42) November 30, 2023
Real Estate best month in 12 years $XLRE pic.twitter.com/AruPQJsI1h
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) November 30, 2023
$XLF – Financials breadth smelling pretty good. pic.twitter.com/SnPr5RZTAR
— Larry Thompson (@HostileCharts) November 30, 2023
$KRE Yea or nay? pic.twitter.com/1AWuKRfIfM
— Frank Cappelleri (@FrankCappelleri) November 30, 2023
Ladies & Gentlemen, we are witnessing history today.
The highest monthly close in history 📈 #Gold pic.twitter.com/e8Hhli1xQp
— CEO Technician (@CEOTechnician) November 30, 2023
The 3-year range rank spread between gold miners and gold recently fell to -60%, a phenomenon observed in less than 1% of cases since 1969. pic.twitter.com/gpbprn8Duq
— Dean Christians, CMT (@DeanChristians) November 30, 2023
One of these #Bitcoin bear markets is not like the other…
Accumulation Address (bought twice and never sold)
2018 -20%
2022 +60%Conviction. pic.twitter.com/ZLGvoS73v4
— Jamie Coutts CMT (@Jamie1Coutts) November 30, 2023
The worst people on twitter told you Black Monday was coming. A credit crisis any day now. Instead all you got was one of the greatest months in stock market history. Are you paying attention to how this works? pic.twitter.com/zJfCR23Lnz
— J.C. Parets (@allstarcharts) November 30, 2023