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Today’s Summary
Friday, April 12th, 2019
Indices: US stocks ended the week on a positive note, with the Dow Jones Industrial Average gaining 269 points or 1.03%. The small-cap Russell 2000 was the weakest among the major indices but still advanced 0.33%. Today marked the third weekly gain for the S&P 500.
Stocks: Shares of Disney ($DIS) had their strongest day in nearly a decade, jumping 11.54% and breaking above multi-year resistance to close at all-time highs.
Sectors: All 11 sectors of the S&P 500 were positive with the exception of Healthcare, which fell 0.89%. Financials led throughout the day and closed up 1.82%.
Commodities: WTI Crude Oil futures were higher by 0.38% to settle at $63.82 per barrel. Gold futures were relatively flat, moving just 0.05% to settle a $1,294 per ounce.
Currencies: The US Dollar Index was fell by 0.24%.
Interest Rates: The US 10-year Treasury yield rose to 2.562%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared in a research note from Frank Cappelleri of Instinet, (@FrankCapelleri). It’s a daily bar chart of the High Yield Corporate Bond ETF, $HYG. High Yield or Junk Bonds as they’re often called, broke out to new 52-week highs today. The fact that investors are flocking to the lowest-grade corporate debt in search of yield is a clear indication of risk appetite among market participants right now.
Quote of The Day
“A market is the combined behavior of thousands of people responding to information, misinformation, and whim”
– Kenneth Chang (New York Times Journalist)
This Market May Have More Legs – 3 Charts from Ari Wald – The Chart Report
Oppenheimer’s head of technical analysis, Ari Wald joined host Abigail Doolittle on Bloomberg to discuss his market outlook. This post from The Chart Report highlights the three charts Ari presented in the segment.
Notable Rotation into Industrials – Tom Bruni – All Star Charts
Tom Bruni takes a look at the Industrial sector. He explains that the charts are pointing to continued outperformance from Industrials and thinks it would be wise to look for long opportunities within the sector.
Tech Sizzles – Bespoke
This note from Bespoke takes a look at the charts of the six industry groups that make up the Technology sector. They found that all six are outperforming the S&P 500 on a YTD basis.
Is Costco (COST) Checking Out? – StockChart.com
In this piece, Greg Schnell takes a look at the chart of Costco ($COST). He warns that the chart and indicators are suggesting that the risk is to the downside here, despite being less than 3% off all-time highs.
If Oil Can Hold Above this Key Level, It’s Going to $70 Says Veteran Technician – CNBC
Legendary technician, Louis Yamada was featured on CNBC yesterday to give her thoughts on Crude Oil.
Top 10 Tweets
S&P Financial Sector (XLF – 27.24) broke above near-term resistance and Is now extending its uptrend; this strength underscores the impressive action in Goldman Sachs (GS – 208.99), J.P. Morgan Chase (JPM – 110.74), Citigroup (C – 67.78) and Bank of America (BAC – 30.15).
— Ralph Acampora CMT (@Ralph_Acampora) April 12, 2019
$SPX w NYSE A-D line and New Highs. Look at the NYSE New Highs. pic.twitter.com/1xjwb8ovVJ
— Damon Race, CMT (@kalibercap) April 12, 2019
Tech in 2019 is just ???$xlk pic.twitter.com/lWML5W4LUe
— Stephen Eckhardt (@seckhardt) April 12, 2019
The recovery in junk bonds from last year's correction was incredibly swift, with $HYG hitting new total return highs by end of January. Continuing to push higher today, leading equities. pic.twitter.com/8HRfhgqWMa
— Charlie Bilello (@charliebilello) April 12, 2019
What we know about the Gold charts.
1. Volume of weekly chart H&S bottom is WRONG
2. Commercials have sold heavily into rally from Dec lows
3. Mkt in sideways congestion — too early to proclaim either direction, but closer to a sell signal pic.twitter.com/tFgAbTdIRO— Peter Brandt (@PeterLBrandt) April 12, 2019
The revived search for yield means five-year Greek bond yields have fallen below that of equivalent U.S. Treasuries for the first time since 2007.https://t.co/6bU67Lkneb pic.twitter.com/iRIhE5A2W0
— Tracy Alloway (@tracyalloway) April 12, 2019
The 21st Century "Transports" at new YTD highs and within 4% of last year's peak. $SMH pic.twitter.com/WLh1ghbE8g
— Bespoke (@bespokeinvest) April 12, 2019
Prices are trying to enter into a new regime for Walt Disney today. After 4 years of no returns, something is different now – h/t @ReformedBroker mentioned it earlier this week $DIS pic.twitter.com/PNAuBddB3R
— J.C. Parets (@allstarcharts) April 12, 2019
At one point in 2018 the investing world thought $NFLX was worth more than $DIS Nevermind that $DIS parks biz alone is bigger than all of $NFLX
Mkts can get weird… pic.twitter.com/FailFudC6i
— Michael Antonelli (@BullandBaird) April 12, 2019
— Linda Raschke (@LindaRaschke) April 12, 2019