"It was an extremely slow day, with the markets not really
reacting to much of anything," said Schaeffer's Senior Equity
Analyst Joe Bell on a day that saw the
Dow Jones Industrial Average (DJI)
finish slightly up on a late rally to push its winning streak to
eight days. "After an incredibly strong rally last week, the broad
market indices continued their coma-like behavior as we approach
mid-week. Consumer staples and health care stocks -- which are both
more defensive by nature -- both displayed leadership."
Continue reading for more on today's market, including
- Schaeffer's Senior Trading Analyst Bryan Sapp discussing
day in the markets; plus, the chart of the day on Wynn Resorts
- Schaeffer's bi-weekly look at
the big moves
in short interest, including companies such as US Airways Group (
), Dr Pepper Snapple Group (
), and Avon Products (
- How option traders
with a new wave of call buying on NIKE, Inc. (
- The Dow's win streak stays alive (albeit barely), more help
wanted signs are out, and how bullish traders targeted Cisco
Systems (CSCO) despite its downturn today.
Dow Jones Industrial Average (DJI)
finished with a minor rally, enough to keep its eight-day winning
streak alive on a day that also saw the index set its sixth
straight intraday high at 14,478.80. The Dow gained nearly 3
points, or less than 0.1%, to finish at 14,450.06. The 30-member
Dow saw 12 companies advance, led by Merck & Co. (MRK), which
climbed 3.2%. The 17 decliners were paced by Caterpillar (CAT),
which fell 1.6%. Exxon Mobil (XOM) was unchanged.
S&P 500 Index (SPX)
fell, shedding nearly 4 points, or 0.2%, to close at 1,552.48
despite hitting another multi-year high of 1,556.77 in intraday
Nasdaq Composite (COMP)
also lost ground, giving back nearly 11 points, or 0.3%, to finish
CBOE Market Volatility Index (VIX)
gained 0.7 point, or 6.3%, to close at 12.27.
A Trader's Take
"The best thing about today's trading is that it's over," Bell
quipped. "Tomorrow (Wednesday) should be a little more eventful, as
several companies are set to report retail sales. Despite continued
skepticism, the consumer discretionary sector has been incredibly
hot this year."
3 Things to Know About Today's Market
- American employers
sought more workers
in January, with openings rising 2.2% during that month, the U.S.
Labor Department said today.
- The battle over the federal budget has begun, with
their plan today and the White House saying it would not finish
its proposal until early April.
(The Washington Post)
- And quite a few tax filers may not be getting their
on time, as a mistake by tax preparer H&R Block (HRB) is
going to delay at least 600,000 returns.
5 Stocks We Were Watching Today
- Cisco Systems, Inc. (CSCO) dropped on the charts today, but
that didn't stop bullish option traders from
the IT equipment maker.
- Optimistic call traders also
Coinstar, Inc. (CSTR) in light of the stock's recent uptick, with
one investor pulling off a bull call spread.
- With the announcement that a major wireless carrier would
sell its new Z10 model phone, Research In Motion Ltd (BBRY) was a
for both call and put traders.
- Bulls and bears also
Advanced Micro Devices (AMD), which is trying to make up a big
gap from last year's trading levels.
- And finally, Sears Holdings Corporation (SHLD) saw a
in call trading for next month, with traders looking for the
stock to keep up its current climb.
For a look at today's options movers and commodities
activity, head to page 2.
An upwardly revised 2014 demand estimate for China pushed oil
futures higher on Tuesday, with crude for April delivery rising 48
cents, or 0.5%, to end at $92.54 per barrel.
April-dated gold climbed $13.70, or 0.9%, to finish at $1,591.70
per ounce. It was the highest daily close since Feb. 27.
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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