"Today was really just more of the same," mused Schaeffer's
Senior Equity Analyst Joe Bell, CMT. "With a lack of major news
events and the market being a little overextended, we experienced
another choppy session without a lot of movement. The good news was
that the early selling was met with a rush of buyers that allowed
the markets to finish near breakeven." Such was the case for the
Dow Jones Industrial Average (DJI)
, which closed modestly lower.
Continue reading for more on today's market, including
- Schaeffer's Senior Trading Analyst Bryan Sapp opines that
Thursday's economic lineup could have a
"fairly dramatic impact"
on the market, and takes a closer look at Smith & Wesson (
- This week's
Short Interest Update
highlights three stocks with upside potential, from a contrarian
point of view.
- The latest edition of
The Week Ahead
notes upcoming events for F5 Networks (
), Wal-Mart (
), and American International Group (
Japan reported sluggish gross domestic product figures,
) pondered putting itself up for sale, and Apple (AAPL) received a
bearish brokerage note.
Dow Jones Industrial Average (DJI - 15,419.68)
spent time on both sides of breakeven today, and ended up closing
just 5.8 points, or 0.04%, lower. Caterpillar (CAT) led the
blue-chip barometer's 15 advancers with a gain of 2.1%, while Walt
Disney (DIS) once again paced the 15 laggards with a decline of
S&P 500 Index (SPX - 1,689.47)
followed a similar path, and closed with a loss of 2 points, or
0.1%. Conversely, the
Nasdaq Composite (COMP - 3,669.95)
finished in the black, adding 9.8 points, or 0.3%.
CBOE Market Volatility Index (VIX - 12.81)
ended the day 0.6 point, or 4.5%, lower -- slightly north of the
session low of 12.80 it tagged just before noon.
A Trader's Take
"With earnings season pretty much wrapping up, I would say the
results have been pretty good," noted Bell. "Most of the major
sectors reported results that were better than expected, and it
looks like this will mark the third consecutive quarter of positive
earnings growth. Financials stood out above the rest with a stellar
3 Things to Know About Today's Market
- The Japanese government said the region's
gross domestic product
for the second quarter grew at a yearly pace of just 2.6%,
falling short of the consensus view. Adding insult to injury,
growth for the first quarter was downwardly revised to 3.8% from
the initial estimate of 4.1%.
- Following Friday's buzz that BlackBerry (
not opposed to going private
, today's news suggests that the smartphone maker may also
putting itself up for sale
. According to a company statement, BBRY established a special
committee to strategize over which move the firm should make
- Chatter on Wall Street suggests that Twitter may be preparing
to file for an
initial public offering
as early as 2014. Although the firm denied that such a move is
imminent, the company posted a job listing on LinkedIn -- which
has since been deleted -- to find a financial reporting manager,
and recently hired a stock administration analyst.
5 Stocks We Were Watching Today
- Analysts at Nomura and Stifel Nicolaus upwardly revised their
respective price targets for
Micron Technology (MU)
- Front-month call buyers targeted
following the company's well-received earnings report.
-- which is likely debuting its new iPhone in September -- was
slapped with a price-target cut this morning.
- Bearish traders wagered on longer-term losses for
by picking up January-dated puts.
- Near-term speculators turned bullish on
, despite today's sluggish price action.
For a look at today's options movers and commodities
activity, head to page 2.
Crude oil futures edged slightly higher ahead of this week's
barrage of economic data. By the time the closing bell rang,
September-dated crude tacked on 14 cents, or 0.1%, to end at
$106.11 per barrel.
Likewise, gold futures climbed for a fourth straight session,
despite the lack of notable news drivers. The December-dated
contract gained $22, or 1.7%, to finish at $1,334.20 an ounce.
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