"Today was more of the same, a slow steady move higher and more
new highs along the way," said Schaeffer's Senior Technical
Strategist Ryan Detrick, CMT, as the
Dow Jones Industrial Average (DJI)
climbed slightly, setting another intraday trading record. "I wish
there was more to it than this, but there was virtually no big news
and the bulls continue to move things higher."
Continue reading for more on today's market, including
- Schaeffer's Senior Options Strategist Tony Venosa, CMT,
answers a reader request
, showing why 3D Systems Corporation (
) is a buy at $30.
- Schaeffer's Senior Trading Analyst Bryan Sapp on how
can move the markets; plus, the chart of the day on Fastenal
- How short-term option traders
a continued upswing in Facebook Inc (
) through the end of the week.
- The Dow makes it five days in a row with a new intraday
record, a surprising fight over coffee, and online gaming company
) was the target of short-term bullish option traders.
Dow Jones Industrial Average (DJI)
continued its climb up the charts, setting a new all-time intraday
high for the fifth day in a row. The Dow finished at 14,447.29,
gaining 50 points, or nearly 0.4%. The 30-member Dow saw 23
companies advance, led by The Boeing Company (
), which climbed 2.1%. The seven decliners were led by industrial
conglomerate General Electric (GE), which fell 0.6%.
S&P 500 Index (SPX)
climbed 5 points, or 0.3%, to close at 1,556.22, just shy of a new
all-time closing peak. The SPX also set another intraday annual
high, and is now trading at levels not seen since October 2007.
After a slow start, the
Nasdaq Composite (COMP)
also gained nearly 9 points, or 0.3%, to finish at 3,252.87.
CBOE Market Volatility Index (VIX)
fell 1 point, or 8%, to close at 11.58.
A Trader's Take
"Monday had been a rather bearish day, in fact, starting the
year off with six straight days in the red for the S&P 500
Index (SPX) -- but the past two Mondays have been in the green,"
Detrick noted. "Today seemed like everyone was still trying to
figure out what last week's strong jobs data means."
3 Things to Know About Today's Market
- The state of Illinois was
charged Monday with securities fraud
by the Securities and Exchange Commission, which said the state
misled bond investors about pension fund obligations and how
badly the pension was underfunded.
- Activist investor Carl Icahn signed a
with Dell Inc. (DELL) as part of his effort to keep the company
from going private. Last week, Icahn's company upped its stake in
the computer maker.
- And the battle in New York City over the size of sugary
drinks took an
today, with a state judge halting the city's impending ban on
oversized sodas and coffees. Sunday, Mayor Michael Bloomberg
on Starbucks (SBUX), which had announced it would not change its
drinks, pending a lawsuit filed by the beverage industry.
(The Wall Street Journal/MarketWatch)
5 Stocks We Were Watching Today
- Online game maker Zynga (
of short-term bulls looking to cash in by Friday's expiration
- Short-term traders were also
about Las Vegas Sands Corp. (LVS), as the casino operator saw a
big uptick in call trades that expire at the end of the
- A minor recovery by Halozyme Therapeutics (HALO) brought
of optimistic call traders.
- Sporting goods retailer Dick's Sporting Goods (DKS) turned in
a disappointing earnings call today, and bearish put traders
- One investor executed a
rare three-strike spread
on Genworth Financial (GNW), betting on long-term upside in the
For a look at today's options movers and commodities
activity, head to page 2.
Oil futures finished with a minor gain, bouncing back after
dropping $1 and hitting an intraday low of $90.89 amid concerns
about China. April-dated crude closed at $92.06 a barrel, adding 11
cents, or 0.1%.
Gold had its their best finish since Feb. 28, with April futures
ending up $1.10, or 0.1%, to settle at $1,578 an ounce.
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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