"An upbeat consumer sentiment survey helped discretionary stocks
outperform much of the broad market," said Schaeffer's Senior
Equity Analyst Joe Bell. "But energy underperformed as the market
failed to hold on to early gains." The
Dow Jones Industrial Average (DJI)
finished a down week on a slightly up note, rallying at the end of
the day to finish in positive territory.
Continue reading for more on today's market, including
- Senior Trading Analyst Bryan Sapp
the market remains "trapped," but that small caps are a positive
sign for the bulls.
- Our option idea of the week:
a bullish profile
of homebuilder The Ryland Group (
- How one bearish trader was
against investor Carl Icahn and Herbalife (
- Possibly positive economic news, a so-so day in the markets,
and a look at the short-term option trading on Wal-Mart Stores (
Pulled by down European markets and buoyed slightly by some
upbeat economic reports, the
Dow Jones Industrial Average (DJI)
struggled to keep its head above water for most of the day, but
rallied at the end to finish at 13,981.76, up 8 points, or 0.1%.
Sixteen companies advanced on the 30-member Dow, led by Coca-Cola (
), which shrugged off two days of declines to climb 1.6%. Wal-Mart
) had the biggest fall out of the 13 decliners, dropping nearly
2.2%. Cisco Systems (
) finished unchanged. The Dow finished the week down nearly 0.1%,
its second consecutive weekly loss.
S&P 500 Index (SPX)
fell, dropping 1.6 points, or 0.1%, to close at 1,519.79. The index
finished the week up 0.1%. The
Nasdaq Composite (COMP)
shed 6.6 points, or 0.2%, to finish at 3,192.03. For the week, the
COMP fell 0.6%.
CBOE Volatility Index (VIX)
finished at 12.46, down 0.2 point, or 1.6%. The VIX finished the
week down 4.3%.
A Trader's Take
"Not a whole lot of news and the market was flat for the most
part," Bell said. "Late in the day, there was a slight sell-off,
but most of the losses were erased by close of business."
3 Things to Know About Today's Market
- Consumer sentiment reached its highest level
in three months
, rebounding from previous worries about the "fiscal cliff."
in January, according to the Federal Reserve, but overall the
sector appears to be strengthening.
(Los Angeles Times)
- Economists surveyed by the Philadelphia Federal Reserve
raised their expectations
for the economy for the current quarter and for the second
quarter of 2013, and said unemployment would also fall faster
than previously predicted.
5 Stocks We Were Watching Today
- Short-term investors
) looking to cash in on both puts and calls set to expire next
- AT&T (T) saw a
in optimistic call buying, especially in the
soon-to-be-front-month March series.
- One trader appeared to be looking to
on Sprint Nextel (S) calls.
- Short-term bears were out
for Apache Corporation (APA), looking for a quick drop over the
next few weeks.
- Medtronic (MDT) may be seeing
looking to cash in on an upcoming earnings release.
For a look at today's options movers and commodities
activity, head to page 2.
Crude ended down Friday, with March-dated oil giving up $1.45 on
the day, or 1.5%, to settle at $95.86 per barrel. But crude
finished the week up, gaining slightly more than 0.1%.
Several professional traders started exiting gold Friday,
extending the metal's recent retreat. April gold closed at
$1,609.50 an ounce, down $26, or 1.6%, after dipping south of the
$1,600-an-ounce mark intraday for the first time since Aug. 15. For
the week, the yellow metal dropped 3.4%.
At the end of every market day, the staff at Schaeffer's
Investment Research reviews the trading day in detail, covering
major events and key market developments. Don't miss this
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