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“Charity is injurious unless it helps the recipient to become independent of it.” – John D. Rockefeller
Futures are higher this morning, but there’s very little news to speak of impacting the markets. What else do you expect on the second to last trading day of the year. In Washington, it seems unlikely that the Senate will pass the $2,000 check proposal that President Trump and the House have been pushing for, but the $600 checks have already started hitting the bank accounts of Americans who qualify.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, an update on the latest national and international COVID trends, and much more.
In a post yesterday, we highlighted the Energy sector and how a number of stocks in the sector, as well as the sector ETF (XLE) that tracks it, have experienced golden crosses with respect to their 50 and 200-day moving averages in recent trading. Golden crosses are considered bullish technical patterns that occur when a security’s shorter-term moving average crosses up through a longer-term moving average as both are rising. While the Energy sector ETF has already experienced a golden cross, the sector hasn’t quite completed the pattern, although at this point it’s only a matter of time before it follows suit.
Golden crosses may be considered bullish technical patterns in theory, but do they work in practice? We took a look at that trend in today’s Morning Lineup. Sign up for a free trial to find out!