Dow Jones Industrial Average (DJI)
traveled in positive territory for most of the day, but lost its
grip during the final half hour of trading, flailing into the red.
"The very oversold bounce that started yesterday ran out of steam
as the trading day progressed," said Schaeffer's Senior Technical
Strategist Ryan Detrick. "With big news from a European Union
meeting slated for tomorrow -- remember, Europe seems to be all we
can think about anymore -- it looks like we're back to a skittish
market bent on holding stocks overnight."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Just how much did Wall Street's recent weakness weigh on
- Plus, Schaeffer's Senior Equities Analyst Joe Bell's
confidence is building
on the home construction sector.
Dow Jones Industrial Average (DJI - 12,502.81)
climbed as high as the 12,575.96 mark today before depleting all
its gains in the last 30 minutes of trading. By the time the dust
settled, the blue-chip barometer was off by 1.7 points, or 0.01%.
Half of the Dow's 30 components closed lower, as Alcoa (
) led the losing issues with a 1.3% deficit. JPMorgan Chase (
) paced the 14 outperformers with a 4.6% jump. Walt Disney (
) remained unchanged.
S&P 500 Index (SPX - 1,316.63)
ended basically flat, after falling from a session peak of
1,328.49. Ultimately, the SPX closed up by 0.6 point, or 0.05%. The
Nasdaq Composite (COMP - 2,839.08)
suffered a similar fate, and finished with the worst performance of
its peers, inching to a loss of 8.1 points, or 0.3%.
Bouncing from support off its 20-day moving average, the
CBOE Market Volatility Index (VIX - 22.48)
increased by 2.1% today, and landed below its session high of
23.19. This marked the VIX's seventh consecutive daily close atop
the 20 level.
: "There were two buyouts today and this was a nice sign," claimed
Detrick. "Benihana (
) and Ariba (ARBA) were both up about 20% on the day. This suggests
firms are still finding value in stocks, even if most investors
have decided to shun stocks at these levels."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures turned south today, as anxieties remain heightened
on what an unresolved euro-zone crisis means for the rest of the
global economy. Also, a possible deal to let U.N. inspectors into
Iranian nuclear facilities bolstered speculation that sanctions
might be averted for the oil-rich nation. As the dollar
strengthened, crude for June delivery dropped 91 cents, or 1%, to
settle at $91.66 a barrel.
Gold futures closed lower for a second straight session, feeling
the pinch of a higher greenback, ongoing euro-zone financial woes,
and Fitch Ratings' credit downgrade of Japan. June-dated gold shed
$12.10, or 0.8%, to land at $1,576.60 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,502.81) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,316.63) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,839.08) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
At the end of every market day, the staff at Schaeffer's
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