"After six straight positive weeks for the S&P 500, this
week got off to a little speed bump out of the gate," said
Schaeffer's Senior Equity Analyst Joe Bell of today's trading.
The Dow Jones Industrial Average
couldn't make it past 14,000 today, instead closing slightly lower
on the day. "As the East Coast continues to recover from the rough
weather over the weekend," Bell continued, "financial stocks once
again took a leadership role."
Continue reading for more on today's market, including
- The reasons Schaeffer's Senior Technical Strategist Ryan
Detrick, CMT, feels the S&P 500 Index's (SPX)
recent winning streak
is an overall bullish sign for markets.
- Why Schaeffer's Senior Trading Analyst Bryan Sapp says Walter
) is a possible
short-term contrarian bullish play
- How Google (
) was targeted by short-term bears looking to
at the end of the week.
- Another blah day in the markets, warnings over a possible
currency war, and how Tesla Motors' (
) weak day on the charts translated in the option pits.
Lower energy stocks as well as the lack of any push or pull from
the Asian markets, which were closed, forced the
Dow Jones Industrial Average (DJI)
slightly down. The Dow closed at 13,971.24, off nearly 22 points,
or 0.2%. The 30-member Dow saw 13 companies advance, led by
), which jumped 1.1%. Chevron (
) was unchanged. UnitedHealth Group (UNH) had the biggest fall out
of the 16 decliners, dropping nearly 1.1%.
S&P 500 Index (SPX)
dropped as well, despite hitting another new five-year high shortly
ahead of the closing bell. The index finished at 1,517.01, off
nearly 1 point, or nearly 0.1%. The index stayed above 1,500 for
the fifth straight session and has closed above that mark for 10
out of the last 12 sessions. The
Nasdaq Composite (COMP)
lost nearly 2 points, or 0.1%, to finish at 3,192.00.
CBOE Market Volatility Index (VIX)
finished at 12.94, down 0.1 points, or 0.6%.
A Trader's Take
"Energy, one of the strongest sectors so far this year, actually
finished the day as the biggest laggard," Bell said. "There wasn't
too much market-moving news, but Janet Yellen (Vice Chair of the
Federal Reserve's Board of Governors) did note that she is
encouraged by the recent improvement in housing, and higher rates
are not assured after economic targets are hit."
3 Things to Know About Today's Market
- The world's largest banks
the G20 that they should take action to prevent a currency war
and to avoid manipulating currency to improve their economies.
- The co-founder for the well-known Case-Shiller Home Price
Index said that stocks are currently a
than housing, and will be for the next five years.
- Apple (AAPL) may be readying its
next cool device
, with several reports claiming the company is preparing a
(The Chicago Tribune)
5 Stocks We Were Watching Today
- An impending earnings release from Rackspace Hosting (RAX)
- First Solar (FSLR) pushed up past $32 and optimistic traders
with a flood of new short-term calls.
- Electric car maker Tesla Motors (
) saw call traders
their bets despite an overall drop for the stock.
- A new annual high for Southwest Airlines (LUV) meant
from optimistic call traders.
- Danish drug-maker Novo Nordisk (NVO) got hammered on the
stock market, and
option bears swooped in
as well after an announced delay for the company's new diabetes
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures muscled higher in Monday's trading, as the dollar
lost strength against the euro. The March-dated contract advanced
$1.31, or 1.4%, to settle at $97.03 per barrel.
Gold, on the other hand, lost its footing amid chatter that
world leaders may work to stave off a "currency war." The lack of
trading in Asian markets, which are on holiday, also may have
negatively impacted the precious metal. By the close, April-dated
gold futures were down $17.80, or 1.1%, at $1,649.10 an ounce, the
lowest close in a month.
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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