"Other than a few select earnings reports this morning, there
really weren't a lot of market-moving events. The market drifted
sideways all week and things didn't change much today," noted
Schaeffer's Senior Equities Analyst Joe Bell. "With the
S&P 500 Index (SPX)
hovering just below its May 2012 peak, a pullback wouldn't be a
surprise here. That being said, we still think the overall negative
sentiment surrounding this market makes any and all pullbacks nice
buying opportunities." After a slow session, the
Dow Jones Industrial Average (DJI)
stayed in the green and notched its sixth daily close atop 13,000.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,207.95)
marked its fifth straight settlement atop 13,100, and ended with
its best daily close since May 2. In the last hour of trading, the
Dow tore through breakeven and notched a 42.8-point, or 0.3%, rise.
Twenty-one of the 30 components leapt higher today, with
Hewlett-Packard Company's (
HPQ
) 1.5% climb leading the way. Meanwhile, American Express Company (
AXP
) paced the nine losing issues with a 1.1% deficit. For the week,
the blue chip barometer turned in a 0.9% ascent.
The
S&P 500 Index
(SPX - 1,405.87)
enjoyed a sixth straight win and moved higher above the 1,400
level. The SPX added 3.1 points, or 0.2%, for the session --
securing its best daily close since April 3. Meanwhile, the
Nasdaq Composite (COMP - 3,020.86)
ended with a fractional gain, which pushed the index atop 3,020 for
the first time since May 3. The SPX was up 1.1% for the week, while
the COMP rallied 1.8%.
The
CBOE Market Volatility Index
(VIX - 14.74)
declined 3.5% today and drifted to its worst price since March 30.
The VIX dropped off 5.8% during the week.
Today's highlight
: Bell didn't hesitate when asked about today's action. According
to him, the best thing occurred at the closing bell. "I've been
working on the trading desk at Schaeffer's for about six years and
this goes in as one of the top five most boring weeks I've
experienced."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Crude futures slipped today, following a drop in China's July
trade surplus and its lowest level of oil imports in nine months.
The commodity also took a hit on the International Energy Agency's
(IEA) dim outlook for 2013 global oil demand. September-dated crude
fell 49 cents, or 0.5%, to land at $92.87 a barrel. For the week,
however, oil posted a 1.6% return.
Gold futures ended in positive territory for a third consecutive
day, mainly due to the slowing economic picture out of China, which
boosted financial- stimulus hopes for the nation. As the dollar
weakened, gold for December delivery tacked on $2.60, or 0.2%, to
settle at $1,622.80 an ounce. The precious metal inched up 0.8% on
the week.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,207.95)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,405.87)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,020.86)
- support at 2,400; resistance at 3,400
Click through to read coverage of today's
notable annual highs and lows
.
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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