Dow Jones Industrial Average (DJI)
reversed its recent sideways motion and enjoyed a welcome and
decided victory today. "The market started off in positive
territory and was able to hold its gains throughout the day," said
Schaeffer's Senior Equity Analyst Joe Bell. "Technology, which
lagged during most of October, was one of the strongest sectors
today. And most of today's news was dominated by earnings reports
from big names like Visa (NYSE:
) and Cirrus Logic (NASDAQ:
Chart of the Day
: Schaeffer's Senior Options Strategist Tony Venosa, CMT, sees
Dick's Sporting Goods (NYSE:
gearing up for a rally
Get a leg up on
tomorrow's jobs report, sectors to trade, and
Daily Game Plan
from Schaeffer's Senior Trading Analyst Bryan Sapp.
And now, a look at the numbers...
Markets spiked sharply into positive territory at the open and
remained strong through the day, although the afternoon price
action was largely sideways. By the closing bell, the Dow Jones
Industrial Average (DJI) was up more than 1%, the S&P 500 Index
) gained about 1.1%, and the tech-rich Nasdaq Composite (COMP) was
the day's outperformer, rallying roughly 1.4%.
Not surprisingly, the CBOE Market Volatility Index (VIX) took it
on the chin amid the positive momentum, surrendering all of
yesterday's gains (and then some) to close down more than 10%. This
marked the index's first close south of the $17 mark since Oct.
: "We've got some more mergers and acquisitions activity to add to
the list today, as auto-parts manufacturer Williams Controls
(NYSEAMEX:WMCO) gained nearly 41% after being bought by
)." Bell continued, "We also gained some insight into retailers, as
many are starting to release their October same-store sales. So far
it has been pretty good, which is another positive sign for
consumer discretionary stocks and the overall economy."
More of today's big stories:
And, in case you missed it
: The Worst May Not Be Over for Advanced Micro Devices, Inc. (NYSE:
For today's activity in commodities, options, and more, head
to page 2.
Oil charted a path higher today after the weekly crude inventory
report revealed a surprise drop in supplies. December crude futures
gained 85 cents, or 1%, to close at $87.09 per barrel.
Gold, on the other hand, trekked lower, with December futures
shedding $3.60, or 0.2%, to $1,715.50 an ounce. The yellow metal
saw modest selling after an encouraging report on consumer
confidence, as well as well-received news from the Chinese
Levels to watch in trading...
Dow Jones Industrial Average (DJI - 13,232.62)
- support at 11,500; resistance at 14,000
S&P 500 Index (SPX - 1,427.59)
- support at 1,100; resistance at 1,500
Nasdaq Composite (COMP - 3,020.06)
- support at 2,400; resistance at 3,400
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