Dow Jones Industrial Average (DJI)
spiked just after the open but spiraled steadily lower throughout
the day, suffering a significant daily and modest weekly loss by
the time the dust settled. "'Ugly' best describes what we just
witnessed," said Schaeffer's Senior Technical Strategist Ryan
Detrick. "After yesterday's big move higher, this morning we had
some excitement regarding the strong jobs data. But in the end,
things ended very similarly to other days these past few weeks,
with the bears in control."
Chart of the Day
: Schaeffer's Senior Options Strategist Tony Venosa, CMT,
highlights a truckload of reasons why J.B. Hunt Transport Services
poised to kick into high gear
Daily Game Plan
: Schaeffer's Senior Trading Analyst Bryan Sapp reads the tea
leaves ahead of
next week's election and numerous bond auctions
And now, a look at the numbers...
It was a down day on Wall Street as traders adjusted their
portfolios ahead of next week's election. By the close, the Dow had
shed more than 1% to more than undo yesterday's gains.
The S&P 500 Index (SPX) dropped just shy of a percent, and
the Nasdaq Composite (COMP) was off more than 1.2% on the day. For
the week, the Dow edged down 0.1%, the SPX claimed a 0.2% victory,
and the COMP was off almost 0.2%.
The CBOE Market Volatility Index (VIX) sprung back to life in
Friday's trading, gaining more than 5.4% on the day but settling
close to 1.2% lower for the abbreviated week.
: "As bad as the action was on Friday, what happened to New York
and the surrounding areas this week puts things in perspective,"
remarked Detrick. "I have a lot of friends who live in NYC and work
with various media outlets there. Talking with a lot of them the
past few days has been eye-opening. We've all seen the pictures of
destruction, but to get a first-hand account of how hard it is to
just get food and work is so sad. Everyone enjoy your weekend, and
if you were affected by this storm, good luck getting life back to
normal, as soon as possible."
More of today's big stories:
And, in case you missed it
Schaeffer's on Charts
: A Breakout No One Is Talking About.
For today's activity in commodities, options, and more, head
to page 2.
Dollar-denominated oil suffered a drop today, after the monthly
employment report resulted in a stronger greenback. By the close,
December-dated crude futures retreated $2.23, or 2.6%, settling at
$84.86 per barrel -- the lowest level since July 10. For the week,
the commodity shed more than 1.6%.
It was a sharp pullback for gold, as well, as December futures
plunged $40.30, or 2.4%, to $1,675.20 an ounce, hitting their
lowest point since late August. As such, the yellow metal finished
a fourth straight week in the red, surrendering 2.1%.
Levels to watch in trading...
Dow Jones Industrial Average (DJI - 13,093.16)
- support at 11,500; resistance at 14,000
S&P 500 Index (SPX - 1,414.20)
- support at 1,100; resistance at 1,500
Nasdaq Composite (COMP - 2,982.13)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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