June 20, 2024
Mish's Daily
By Mish Schneider
On June 10, 1752, almost exactly 272 years ago, Ben Franklin helped prove that lightning is a form of electricity that could be harnessed.
Fast forward to 2024, with electricity in high demand, we are looking at electricity as a secondary source of energy, derived from primary sources.
These include:
Additionally, the distribution of electricity involves materials like copper, which is commonly used for electrical wiring due to its excellent conductivity.
Other metals such as silver, gold, tungsten, and aluminum are also used in electrical systems
And, with the advent of electric vehicles and renewable energy systems, electrification doesn’t happen without copper, the heartbeat of the global energy economy.
AI and data centers consume a significant amount of electricity. It stands currently at about 2% of the world’s electricity demand with expectations to rise to 19% by 2028.
Plus, renewable energy solutions in data centers have their own challenges.
Cost, scalability, solar and wind weather reliance, reliable grid system and voltage stability.
While solar energy does not require electricity, the process of harnessing it involves converting sunlight into usable electricity.
Simply put, the photovoltaic cells that provide DC electricity are not commonly used for household appliances.
Therefore, DC must be converted to AC to be useful.
Electricity is mainly delivered through utility companies.
While I do like most of the commodities mentioned-copper, silver, gold, natural gas and coal, for today, let us look at the ETF for utilities XLU.
A low-risk opportunity as it sits just above the 50-DMA.
XLU still underperforms the benchmark.
And the Real Motion momentum indicator is slightly below the 50-DMA while price is above.
The phase is bullish as is the move above the January calendar range.
Educational purposes only, not official trading advice.
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June 20 Singapore Breakfast Bites Radio
June 21 Schwab
June 24 Benzinga Pre-Market Prep
June 24 CNA Asia
June 27 Live coaching
July 2 Yahoo Finance
July 9 StockchartsTV
July Date TBD Wealth 365
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ETF Summary
S&P 500 (SPY) Correction time? 5400 line in the sand
Russell 2000 (IWM) 197-202 tightest range to watch
Dow (DIA) Back near 40k in the Dow
Nasdaq (QQQ) Bearish engulfing pattern-watching 474
Regional banks (KRE) Watching the range 45-50 CAREFULLY
Semiconductors (SMH) Bearish engulfing pattern-watching 260
Transportation (IYT) Back over the 200-DMA-must confirm
Biotechnology (IBB) 134 support held-back to intriguing
Retail (XRT) 74.50 support key
iShares iBoxx Hi Yd Cor Bond ETF (HYG) This is all risk on-as long as it holds above 76.50
Every day you'll be prepared to trade with: