"We had negative news out of global markets -- this time it was
China -- yet in the end, the U.S. markets held very tough," said
Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, as the
Dow Jones Industrial Average
shrugged off a slow start to finish up for the second straight
trading day. "There wasn't any major headline today, but under the
surface you have to be impressed by how the U.S. continues to shake
off global economic concerns and trend higher."
Continue reading for more on today's market, including
- Schaeffer's Senior Options Strategist Tony Venosa, CMT, gives
why FedEx Corporation (
) is a strong candidate for a long trade.
- Schaeffer's Senior Trading Analyst Bryan Sapp on
how overseas markets
tried but failed to pull down their American counterparts.
- Our bi-weekly look at changes in short interest, which
in four stocks.
- The markets pick up where they left off last week, why one of
the most famous investors in the world thinks Apple (
) is a good buy despite its losses, and how investors aren't
buying that AAPL shares will recover by the end of the week.
After a slow start caused by down markets in both Europe and
Dow Jones Industrial Average
rallied in the second half of the day to keep last week's momentum
going. The Dow gained 38 points, or 0.3%, to finish at 14,127.82.
The 30-member Dow saw 19 companies advance, led by Wal-Mart Stores
), which climbed 2.1%. The 11 decliners were paced by heavy
equipment maker Caterpillar (
), which fell 1.8%.
S&P 500 Index (SPX)
climbed 7 points, or 0.5%, to close at 1,525.20 -- just shy of its
intraday peak. The
Nasdaq Composite (COMP)
gained 12 points, or 0.4%, to finish at 3,182.03.
CBOE Market Volatility Index (VIX)
fell 1.4 points, or 8.8%, to close at 14.01, dropping back below
its 20-day moving average.
3 Things to Know About Today's Market
- Warren Buffett, one of the world's most successful and
scrutinized investors, said there are still
in the stock market and that he thinks Apple (
) is a
at its depressed levels.
- Oil and gas company Hess Corp. (
) today announced it was
reshuffling its board
and selling its retail, refining and processing businesses to
focus on oil exploration and production.
(The New York Times)
- Federal Reserve Vice Chairwoman Janet Yellen
the $85-billion-per-month bond buyback program as a way to keep
interest rates low and to stimulate the economy.
5 Stocks We Were Watching Today
- With another price retreat for Apple (
) late last week,
showed they don't think the iPod/iPhone maker will broach $450 by
- Chinese search engine Baidu.com (ADR) (BIDU) dropped on the
used a variety of tactics to try and protect themselves.
- Agilent Technologies (A) was
by bearish investors looking for losses as springtime comes.
- Bears also
Las Vegas Sands Corp. (LVS) in light of a decline on the charts
as well as a new federal investigation.
- Delta Air Lines (DAL) said it would make its first profit in
the first quarter since 2000, and one investor
with a bull call spread targeted for April.
For a look at today's options movers and commodities
activity, head to page 2.
News out of China sent oil futures south, as the April contract
dropped 56 cents, or 0.6%, to end the day at $90.12 per barrel.
This was the lowest close for black gold since December 24.
Gold gained modest ground, however, on hopes for continued
accommodative monetary policy. April-dated gold edged 10 cents
higher to settle at $1,572.40 per 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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