"I heard lots of talk that another round of quantitative easing
is a foregone conclusion, and that's why the market has bounced the
past few days. Yet, I just don't see it," explained Schaeffer's
Senior Technical Strategist Ryan Detrick. "Yes, a good deal of the
economic data has been weak, but we've rallied the past few days
simply because earnings have been better than the much-lowered
expectations. Also, don't forget we had that six-day sell-off
heading into earnings season, so we are also bouncing from an
oversold level." With that, the
Dow Jones Industrial Average (DJI)
climbed to its third consecutive win.
Continue reading to see what else was on our radar today:
-
Pre-earnings options activity
continues to heat up.
- See what new investments
3 big-time stock gurus
are making.
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 12,943.36)
was up nearly 69 points at its session peak of 12,977.57, and was
able to maintain most of its gains, closing 34.7 points, or 0.3%,
higher. Fifteen of the 30 blue chips ended in the black, as
International Business Machine Corp.'s (
IBM
) earnings-induced 3.8% jump lead the winning majority. Bank of
America (
BAC
) paced the 13 losing issues with a 3.6% deficit, while Merck &
Co., Inc. (
MRK
) and Exxon Mobil Corporation (
XOM
) remained unchanged.
The
S&P 500 Index (SPX - 1,376.51)
also climbed to a win, adding 3.7 points, or 0.3%. Meanwhile, the
Nasdaq Composite (COMP - 2,965.90)
once again turned in the best performance of its fellow benchmarks,
mounting 23.3 points, or 0.8%, by the time closing bell
sounded.
The
CBOE Market Volatility Index (VIX - 15.45)
wallowed in red ink for a third straight session, falling 4.4%, and
settling at its session low. This marked the VIX's lowest daily
settlement since March 26.
Today's highlight
: "It was good to see earnings coming in strong on the whole, while
seeing financials underperfom at the same time," said Detrick. "We
continue to think financials are an over-loved, underperforming
group, and it's always nice when the market is up, and your bearish
plays work still work out."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures turned in a seventh straight win today, as tensions
in the Middle East -- surrounding Iran and the fighting in Syria --
continue support the commodity. While the dollar weakened, crude
for August delivery climbed $2.79, or 3.1%, to land at $92.66 a
barrel -- its highest price in eight weeks.
Gold futures reversed their three-day slide today, as many
investors took today's bout of lackluster economic data as a
potential catalyst for another round of financial easing. The
dollar-denominated commodity also stayed higher on a faltering
greenback. By the close, gold for August delivery gained $9.60, or
0.6%, to settle at $1,580.40 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 12,943.36)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,376.51)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,965.90)
- support at 2,400; resistance at 3,400
Click the links for coverage on today's
notable annual highs
and
notable annual lows
.
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