Stocktwits Chart Art: July 03, 2024

STOCKTWITS CHART ART: JULY 03, 2024
The Stocktwits Summary 📝

Bulls successfully fit a full day of buying into a shortened trading day, with semiconductor stocks and Tesla doing much of the heavy lifting. Meanwhile, the big story was the metals, as several mining stocks broke out. 🥇 

P.S. We’re considering moving this top section (or eliminating it entirely) to jump straight into the charts. Let me know your thoughts on this (and the newsletter in general). I’d love to hear from you! 📬

Here’s how the major indexes ended the day:

*The ST Sentiment Score & Message Volume scales range from 0 to 100 (extremely bearish to extremely bullish). More info here.

And here were Stocktwits’ top Trending symbols:

CHART OF THE DAY
Silver/Gold Ratio Suggests A Metals Run Ahead 🌟

One of the risk-off/risk-on measures technical analysts use in the precious metal space is the silver-to-gold ratio. Consider silver as the higher-beta little brother of gold or a place providing more volatility potential for your buck. 🫨

As a result, technical analysts view periods where silver is outperforming as a positive sign for metals as a group because people are showing a willingness to take on additional risk (in search of additional reward) by owning silver rather than gold. And vice versa.

This is relevant right now because, as Stocktwits user @ivanhoff points out, the ratio is moving higher out of a multi-year base. Many see this as a sign that gold, silver, and other precious metals have more room to run here. And stocks related to this sector are on the move…as our first few ideas show. 👀

Platinum And Palladium Miner Picks Up Momentum ⚒️

Barrick Gold Breaks To The Upside 🪙