Despite a few mid-session runs north of breakeven, the
Dow Jones Industrial Average (DJI)
buckled into negative territory during a very low-volume session.
"There really wasn't much to talk about today," remarked
Schaeffer's Senior Equities Analyst Joe Bell. "The market continues
to trade sideways while many participants await the Federal
Reserve's meeting this week. Basic materials stocks continued to
outperform, as the sector benefits from China's plan to increase
infrastructure spending."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,254.29)
was off more than 55 points at its intraday low of 13,251.39, and
found a perch just above this area by the end of the session. When
all was said and done, the Dow was down 52.4 points, or 0.4%.
Nineteen of the 30 blue chips retreated today, with Intel
Corporation's (
INTC
) 3.8% dive pacing the losing issues. Conversely, the 11
outperformers were led higher by Hewlett-Packard Company's (
HPQ
) 0.9% gain.
Both the
S&P 500 Index (SPX - 1,429.08)
and
Nasdaq Composite (COMP - 3,104.02)
headed south for the day as well. Although the SPX touched a new
four-year best of 1,438.74 this morning, the index ended lower by
8.8 points, or 0.6%. Meanwhile, the COMP sawed off 32.4 points, or
1%, but was able to notch a third consecutive settlement atop the
3,100 level.
The
CBOE Market Volatility Index (VIX - 16.28)
climbed to a victory for the first day in five, gaining 1.9 points,
or 13.2%.
Today's highlight
: "Probably the best thing about today is that it's finally over,"
said Bell. "There wasn't much to analyze, as the market didn't move
much and volume was absolutely laughable."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Crude futures spent a large part of the day in the red, thanks
to disappointing trade data out of China. However, as traders look
forward to this week's Federal Open Market Committee meeting and
the possibility of new economic stimulus, the commodity eked out a
win. October-dated oil inched up 12 cents, or 0.1%, to land at
$96.54 a barrel.
After rising more than 3% last week, gold futures took a break
as speculators cashed in their profits. Ahead of the Fed's meeting,
gold for December delivery dipped $8.70, or 0.5%, to end at
$1,731.80 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,254.29)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,429.08)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,104.02)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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