Thanks to some upbeat news on the earnings front, the
Dow Jones Industrial Average (DJI)
secured a triple-digit gain within the first hour of the session,
and remained firmly planted above the 13,525 level throughout most
of the day.
"You've got to love the fact we had another strong day today. In
the end, I don't think there was one major reason for the buying,
other than the fact that the bounce off of last week's lows is
still in play," commented Schaeffer's Senior Technical Strategist
Ryan Detrick. "With that said, strap on your seatbelt, as there are
a lot more earnings coming up, and this could always add to the
market's volatility."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Dow Jones Industrial Average (DJI - 13,551.78)
UNH
INTC
GE
The
S&P 500 Index (SPX - 1,454.92)
and
Nasdaq Composite (COMP - 3,101.17)
both headed north early in the session and notched solid wins by
the time the dust settled. The SPX tacked on 15 points, or 1%,
while the COMP added 37 points, or 1.2%.
The
CBOE Market Volatility Index (VIX - 15.21)
edged 0.1 point, or 0.3%, lower today, breaching its 20-day moving
average for the first time in over a week.
Today's highlight
: "Reading about all the Pandit drama was fun," said Ryan. "Was he
forced out? Was it all his decision? Was it over money? Hey,
whatever the reason, no one saw this coming, and the fact the stock
was still up over a percent after the initial drop is yet another
sign that the bulls are quickly taking back control."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures managed a minor win today, lifted by optimism over a
potential Spanish bailout. November-dated oil added 24 cents, or
0.3%, to finish at a one-week best of $92.09 per barrel.
Gold futures also ended higher, as the U.S. dollar lost ground
to its European counterpart. The December contract tacked on $8.70,
or 0.5%, to settle at $1,746.30 per ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,551.78)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,454.92)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,101.17)
- support at 2,400; resistance at 3,400
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.