Dow Jones Industrial Average (DJI)
suffered another triple-digit swoon, the blue-chip barometer was
able to repair most of its losses by the time the dust settled.
"For the second day in a row, once the European market closed, we
were able to bounce off the lows," said Schaeffer's Senior
Technical Strategist Ryan Detrick. "It's almost like once Wall
Street can forget the mess the Europeans have gotten themselves
into, buyers step up."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- The latest sentiment survey showed financial advisers
bracing for a correction
VIX settled at its highest point
since early April.
) and the tech sector
guide the broader equities market to better days?
- Plus, Detrick is
optimistic on a standout sector
Dow Jones Industrial Average (DJI - 12,835.06)
was down roughly 184 points at its early low of 12,748.48, but
fought back to close with a 97-point, or 0.8%, decline. This was
the sixth consecutive losing day for the Dow, and its second
straight settlement below 13,000. All but six of the 30 components
finished with losses, as United Technologies (
) paced the underperformers with a 2.3% drop. Walt Disney's (
) earnings-induced upswing led the winning issues with a 1.6%
S&P 500 Index (SPX - 1,354.58)
made it two down days in a row, falling 9.1 points, or 0.7%.
with a little help from Apple (
, the tech-rich
Nasdaq Composite (COMP - 2,934.71)
maintained its hold atop key support, and was able to bounce from
its early low of 2,900.18. The COMP ended the day with a
11.6-point, or 0.4%, deficit.
Just over an hour into the session, the
CBOE Market Volatility Index (VIX - 20.08)
soared to its session high of 21.59. By the time the dust settled,
the market's fear gauge was up 5.4%, and closed above 20 for the
first time since April 10.
: "Housing was the one bright spot today," explained Detrick. "We
here at Schaeffer's have liked housing for awhile, and I was
bullish on the group
yesterday on Fox Business
. Housing is the ultimate consumer play, and to see many names from
this group breaking out to new highs is a nice sign for the overall
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Despite a higher-than-predicted uptick in domestic crude
inventories, oil futures were able to pare most of their losses by
the closing bell. Anxiety over the surge in crude supplies was
partially offset by a steep decline in gasoline stockpiles.
June-dated crude dropped 20 cents, or 0.2%, to land at $96.81 a
barrel -- its sixth straight settlement in the red.
Gold futures slipped under the $1,600 mark today, and notched
their lowest closing price since Dec. 30. The dollar-denominated
commodity took a hit as political instability in the euro zone
sparked a safe-haven bid for the greenback. Gold for June delivery
edged lower by $10.30, or 0.6%, to settle at $1,594.20 an
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,835.06) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,354.58) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,934.71) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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