Dow Jones Industrial Average (DJI)
spent the session comfortably higher, notching a triple-digit
victory by the closing bell. "Although volume has been relatively
light, we enjoyed a pretty nice Election Day rally," said
Schaeffer's Senior Equity Analyst Joe Bell. "This reminds me of
four years ago, when we also had a strong, positive move on
Election Day. Overall, we're seeing a lot of strength from crude
oil, gold, and other commodities, especially as the dollar
displayed quite a bit of weakness."
Chart of the Day
: Schaeffer's Senior Options Strategist Tony Venosa, CMT, explains
TASER International (
could have more contrarian fuel in the tank.
Daily Game Plan
: Schaeffer's Senior Trading Analyst Bryan Sapp suggests the
markets could be
pricing in an Obama victory
And now, a look at the numbers...
The Dow blazed a trail higher right out of the gate today,
topping out at 13,290.75 around midday. The bullish momentum waned
just slightly in the final hour of trading, though, with the
blue-chip barometer paring its lead. Today marks just the second
close north of 13,200 since Oct. 22 for the Dow.
The S&P 500 Index (SPX) also spent the day in the black,
ending north of its 20-day moving average for the first time since
Oct. 18. Meanwhile, the Nasdaq Composite (COMP) ended with a
slimmer victory, but retook its perch atop the 3,000 marker.
The CBOE Market Volatility Index (VIX) pared a portion of
Monday's gains, surrendering roughly 4% to end back beneath its
: "We can try to focus on the stock market all we want, but today
is all about politics and one of the most anticipated -- and close
-- presidential elections in years," said Bell. "There's a lot of
uncertainty surrounding this event, but this day only comes around
every four years. All eyes will be glued to the television
More of today's big stories:
And, in case you missed it
... Our own Bernie Schaeffer offered his two cents on the
short-term prospects of the
SPDR S&P 500 ETF Trust (SPY)
For today's activity in commodities, options, and more, head
to page 2.
Crude futures followed equities into the black, touching a
two-week high on hopes for rebounding demand. In addition, concerns
about a post-Sandy supply shortage were favorable for the
commodity, as was a weaker dollar. By the time the dust settled,
December-dated oil advanced $3.06, or 3.6%, to end at $88.71 per
barrel. In the same vein, gasoline for December delivery jumped
nearly 8 cents, or 3%, to end at $2.70 per gallon, thanks to a
short-term shortage of gasoline on the Sandy-ravaged East
Gold futures extended their rebound today, as investors flocked
to the "safe haven" ahead of the presidential election results.
Furthermore, the ailing greenback also contributed to the malleable
metal's gains. By the close, December-dated gold soared $31.80, or
1.9%, to end at $1,715 an ounce. Elsewhere, silver for December
delivery tacked on 91 cents, or 2.9%, to finish at $32.03 an
Levels to watch in trading...
Dow Jones Industrial Average (DJI - 13,245.68)
- support at 11,500; resistance at 14,000
S&P 500 Index (SPX - 1,428.39)
- support at 1,100; resistance at 1,500
Nasdaq Composite (COMP - 3,011.93)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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