July 25, 2023
Mish's Daily
By Mish Schneider
For today, I used ChatGPT to ask which companies store raw materials.
After all, you cannot have capital investing in infrastructure without raw materials.
You cannot have geopolitical issues without concerns about oil and energy.
You cannot have weather issues without worrying about supply and supply chain.
How do we make stuff without stuff?
The charts are of copper through COPX ETF and agricultural, soft commodities through DBA ETF.
Interesting feature is that both are still underperforming the SPY.
Both are in bullish phases, and both have lots of upside as they are above the July 6-month calendar ranges.
Here is a list of the types of companies that store raw materials.
First one we featured Monday-International Paper IP. At the time of writing, IP was challenging the July calendar range. Today, IP cleared up 5% on the day.
Other companies to watch are
The charts of BHP and DOW have similar setups. Both are still underperforming the benchmark. Both have potential momentum building.
Most importantly, both look like investment opportunities if the theory of buying store houses for raw materials makes sense to you.
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Mish in the Media - All clips here
Business First AM PCE Inflation Picks 07-25-23
CMC Markets Daytrade Gold, Oil and more 07-24-23
Options Insight with Imran Lakha 07-13-23
TD Ameritrade Nicole Petallides 07-13-23
Real Vision Proper Link-full episode 07-12-23
CMC Markets Daytrading Futures Before and After CPI 07-12-23
Business First AM Market Ease 07-10-23
Business First AM Don’t Fight the Fed 07-11-23
Making Money with Charles Payne 07-10-23
Yahoo Finance 07-06-23
Coming Up:
July 26 Your Daily Five Stockcharts
July 27 Live Coaching
July 28 IBD Live
ETF Summary
S&P 500 (SPY) 452 July calendar range hi now support
Russell 2000 (IWM) 193 is the 23-month holy grail
Dow (DIA) 35,000 support
Nasdaq (QQQ) Under its 6-month calendar range high, already showing signs of stress
Regional banks (KRE) Consolidating over its July calendar highs-positive
Semiconductors (SMH) Holds here ok-needs to clear 161 and under 147 trouble
Transportation (IYT) Right on the July calendar range high
Biotechnology (IBB) 128 support now to hold
Retail (XRT) Never cleared the July calendar range high-now, 66 is key support
Every day you'll be prepared to trade with: