Wednesday, May 15th, 2019
Indices: US stocks were higher in today’s session, with the Dow Jones Industrial Average closing up 116 points or 0.46%. The Nasdaq was the strongest of the major indices, closing up 1.13%.
Sectors: Communications led, gaining 2.24%. Financials lagged, closing down 0.37%.
Commodities: WTI Crude Oil futures rose 0.39% to settle at $62.02 per barrel. Gold futures were slightly higher by 0.12% and are trading around $1,297 per ounce.
Currencies: The US Dollar Index was slightly higher by 0.05%.
Interest Rates: The US 10-year Treasury Yield fell to 2.371%. While the 2-year fell to a new 52-week low of 2.164%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared in a research note from Frank Cappelleri, Cheif Market Technician at Instinet. It’s a line chart of the 10-year US Treasury Yield testing its 52-week low. Frank notes that each rally has been faded in 2019, as shown by the red circles. He adds that the fallout in yields has put pressure on the Financial sector ($XLF) as it has struggled to reach a new 52-wk high this year. On the other hand, it has given a bid to the Utility sector ($XLU) which is consolidating near all-time highs.
Quote of The Day
“I always believe that prices move first and fundamentals come second.”
– Paul Tudor Jones (American Investor)
Video] Taking Cover in Restaurants – Steve Strazza – Real Vision
Our co-founder, Steve Strazza made an appearance on Real Vision’s Trade Ideas segment to share a stock that we think presents a good risk/reward opportunity right now.
Is GE For Real This Time? – Arthur Hill – StockCharts.com
Arthur Hill of StockCharts.com takes a look at the chart of General Electric ($GE). He explains that after getting decimated over the past 3 years, the stock seems to be making an attempt to reverse its long-term downtrend.
Pullbacks Happen – LPL Research
In this note, LPL Financial Research puts the recent 5% pullback in the S&P 500 into perspective. They use historical data to explain that corrections of this magnitude are perfectly normal in healthy uptrends.
Podcast with Financial Advisor and CMT, David Zarling – Technical Analysis Radio
In this podcast from Technical Analysis Radio, Host JC Parets interviews financial advisor and CMT, David Zarling. They discuss how David uses Technical Analysis to help his clients profit and manage risk responsibly.
[Video] How Elliot Transforms Options Trading – Elliot Wave International
In this interview, Todd Gordon of TradingAnalysis.com discusses his trading process and how he uses Elliot Wave Analysis to trade options.
Top 10 Tweets
The $INDU rewarded the robots and humans for buying the 1st pullback to the 200 day after a relentless advance.
Nobody could have seen that coming. (Eyeroll)
Just because it has no predictive qualities, doesn't make it useless. pic.twitter.com/amNUmGkkNc
— Steve Deppe, CMT (@SJD10304) May 15, 2019
— David Keller, CMT (@DKellerCMT) May 15, 2019
2-year Treasury yields fall to the lowest since February 2018. Traders seem to be doubling down on bets that the Fed will cut rates this year. pic.twitter.com/CWRUYz1Nr6
— Lisa Abramowicz (@lisaabramowicz1) May 15, 2019
HYG:AGG – Probably one we should be paying close attention to here…Thoughts? pic.twitter.com/C5ls7dQ9gU
— Dan J. Gorghuber, CMT (@R3_Capital) May 14, 2019
— Thomas Thornton (@TommyThornton) May 15, 2019
— Matt Weller CFA, CMT (@MWellerFX) May 15, 2019
Interesting momentum on the Palladium chart…
It barely hit oversold conditions at the end of March, and has continued to exhibit positive divergence since then.
— Adam D. Koos, CFP®, CMT (@AdamKoos) May 14, 2019
Global transportation giants not looking good on the charts. $UPS broke down with a plunge in late April and $FDX broke the wedge line in May. Both are below their 200-days. The Fedex 200-day has been falling all year. pic.twitter.com/OjWMDkTkrB
— Arthur Hill, CMT (@ArthurHill) May 15, 2019
— TrendSpider (@TrendSpider) May 15, 2019
Hey media – a "triple digit" move these days is 0.39%. Go find something else to sensationalize.
— Michael Kahn, CMT (@mnkahn) May 15, 2019