"The market started off in the black, but the buyers were slowly
outnumbered and most U.S. equities finished in the red," noted
Schaeffer's Senior Equities Analyst Joe Bell. "Crude oil
experienced a sharp reversal in midday trading, which also put a
damper on several sectors. Overall, defensive sectors and consumer
staples once again took a leadership role." Against this backdrop,
the
Dow Jones Industrial Average (DJI)
endured a wild ride, swinging nearly 163 points before solidifying
a triple-point loss.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,457.55)
climbed as high as 13,620.21 early in the session, and drifted to
an intraday bottom of 13,457.25 in the last minutes of trading.
After all was said and done, the blue-chip barometer gave up its
perch atop the 13,500 mark -- as well as its 10-day moving average
-- burning off 101.4 points, or roughly 0.8%. All but five of the
Dow's 30 components took a hit today, with
Caterpillar Inc.'s (
CAT
)
4.3% deficit leading the way. On the other side of the spectrum,
The Home Depot, Inc. (
HD
)
paced the few winning issues with a 0.6% rise.
The
S&P 500 Index (SPX - 1,441.59)
and
Nasdaq Composite (COMP - 3,117.73)
followed their fellow benchmark to losses for the day,
relinquishing their footholds above support. The SPX slipped 15.3
points, or about 1.1%, dipping below the 1,450 level and its 10-day
trendline. Meanwhile, the COMP turned in the worst performance of
its peers, sawing off 43.1 points, or almost 1.4%, to settle below
3,150. What's more, the COMP breached both its 10-day and 20-day
moving averages for the first time since early August.
The
CBOE Market Volatility Index (VIX - 15.43)
saw a second straight day of gains, jumping 1.3 points, or 9.1%.
This marked the highest daily close for the market's fear gauge
since Sept. 12.
Today's highlight
: "Consumer confidence data was actually well ahead of
expectations," said Bell. "But that didn't keep the market propped
up for long," especially after Philly Fed President Charles
Plosser's remarks about QE3.
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures extended yesterday's multi-week trek in the red,
after Philly Fed President Charles Plosser said QE3 probably won't
do much to boost growth or hiring. As the dollar caught a lift,
crude for November delivery trimmed off 56 cents, or 0.6%, to close
at $91.37 a barrel.
Gold futures reached into positive territory today, following
positive reports on housing prices and consumer confidence.
However, thanks to the remarks by central banker Plosser, and a
rising greenback, the commodity pulled back from its session highs.
By the closing bell, December-dated gold inched higher by $1.80, or
0.1%, to land at $1,766.40 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,457.55)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,441.59)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,117.73)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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