Dow Endures a 198-Point Collapse as Greece Takes the Reins

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"There was an absence of economic reports for the markets to digest today," said Schaeffer's Senior Equities Analyst Tony Venosa. "But European political headlines have been the dominating drivers over the past couple sessions." With Greece's political future still up in the air, the Dow Jones Industrial Average (DJI) was off by nearly 200 points at its lowest point, but was able to reclaim a large portion of its losses.

Keep reading to see what else was on our radar today:

  • Which sectors can help portend the market's next move ?
  • The VIX jumped to the 20 level for the first time in two weeks.
  • Plus, learn an invaluable lesson from one trader's ratio put spread on Fossil ( FOSL ) .
And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ


The Dow Jones Industrial Average (DJI - 12,932.09) was off 198 points at its session low of 12,810.39, but was able to repair some of its losses and closed 76.44 points, or 0.6%, lower. This marked the Dow's first daily settlement below 13,000 since April 23. Twenty-five out of the 30 blue chips ended with deficits, as Hewlett-Packard ( HPQ ) and Bank of America ( BAC ) led the laggards with declines of 2.3% and 2.1%, respectively. Walt Disney ( DIS ) paced the five outperformers with a 1.1% rise.

The S&P 500 Index (SPX - 1,363.72) closed a fourth straight session under the 1,400 mark. By the time the dust settled, the SPX was off 5.9 points, or 0.4%. Meanwhile, the Nasdaq Composite (COMP - 2,946.27) fell 11.5 points, or 0.4%.

The CBOE Market Volatility Index (VIX - 19.05) vaulted to its session peak of 20.91 mark just before noon today, but by the closing bell, the market's fear gauge was up only 0.6%.

Today's highlight : "The best thing about today's market was its ability to rally off the early morning lows to close near the high of the day," explained Venosa.

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

Oil futures continued to plummet today, falling for the fifth session in a row, and closing at their lowest point since Feb. 6. The greenback strengthened as investors fled riskier assets, pulling the dollar-denominated commodity lower. June-dated crude lost 93 cents, or 1%, to close at $97.01 a barrel.

Gold futures were also smacked down by a rising dollar amid mounting political uncertainty in Greece. Gold for June delivery hacked off $34.60, or 2.1%, to land at $1,604.50 an ounce -- its lowest settlement since Jan. 3.

Levels to Watch in Trading :

  • Dow Jones Industrial Average (DJI - 12,932.09) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,363.72) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 2,946.27) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

For today's notable annual highs and lows, click here .

SCHAEFFER'S MARKET POSTURE

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 critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: BAC , DIS , FOSL , HPQ , VRTX

Schaeffer's Investment Research

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As of 12/24/2014, 02:12 PM


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