"Once again, rumors and news out of Cyprus drove worldwide
markets," said Schaeffer's Senior Technical Strategist Ryan
Detrick, CMT, as the
Dow Jones Industrial Average (DJI)
started strong but had to rally even stronger to finish with a win
for the day. "In the end, Cyprus' Parliament rejected the proposed
bailout. This will continue to change and the news flow will be
heavy nearly every day going forward. But what is important to know
is that a country the size of San Diego is now controlling global
Continue reading for more on today's market, including
- Schaeffer's Senior Options Strategist Tony Venosa, CMT,
his eight reasons why to short Marvell Technology Group (
- Our Senior Trading Analyst Bryan Sapp on
"the lingering fear"
surrounding the markets today; plus, a deep dive into Goldcorp
- How option buyers are
a strong week from Apple (
- The markets start fast but barely pulls out a win, the
possible return of a popular brand, and how bullish option
traders surrounded Microsoft (
Dow Jones Industrial Average (DJI)
started out of the gate strong, boosted by positive housing
numbers, but the fears over the Cyprus crisis pulled the market
down as the day progressed. Yet the Dow still pulled out a win with
a last-minute rally, closing at 14,455.82, up nearly 4 points, or
less than 0.1%. The 30-member Dow saw 16 of its members advance,
led by Coca-Cola (
), which climbed 1.5%. Caterpillar (CAT) fell 1.2% to lead the 14
S&P 500 Index (SPX)
fell back nearly 4 points, or 0.2%, to close at 1,548.34. The
Nasdaq Composite (COMP)
finished at 3,229.10, down 8 points, or 0.3%.
CBOE Market Volatility Index (VIX)
gained 1 point, or 7.7%, to close at 14.39.
A Trader's Take
"Stepping away from Cyprus for a second, February housing starts
came in rather strong," Detrick noted. "Housing has been the one
pillar of strength in the U.S. economic recovery, and today's data
did little to change that. Say what you want, but a continued
recovery in housing will have an exponential multiple on overall
3 Things to Know About Today's Market
- Cypriot legislators
the proposed bailout package from the European Union because of
the controversial tax on bank deposits designed to help pay back
the aid program. Cyprus leaders now head back to the bargaining
table with the EU and International Monetary Fund.
(The New York Times)
- Both new home starts and building permits
in February according to the U.S. Commerce Department, beating
- And finally ... snackers, rejoice! The bankruptcy judge
overseeing the dismantling of Hostess
gave his blessing
to the sale of the venerable Twinkies brand, as well as for
Wonder Bread and other well-known Hostess brands.
5 Stocks We Were Watching Today
for Microsoft (
), which saw call traffic explode, especially in the May
- Questcor Pharmaceuticals (QCOR) also was
of bullish option investors looking for a continued rise into
- The shakeup at ARM Holdings (ARMH)
optimistic option players, who looked for a decent jump on the
stock into April.
- AMD Micro Devices (AMD) rose on the charts,
catching the eye
of bullish option traders.
- A positive analyst note
bullish investors into action on Best Buy Co. (BBY).
For a look at today's options movers and commodities
activity, head to page 2.
Oil had its three-day win streak snapped, with worries over the
Cyprus bailout situation sparking concern over energy demand across
the region. April crude futures finished at $92.16 per barrel, down
$1.58, or 1.7%.
However, gold rose as investors looked for a safe haven because
of the Cyprus issues. April-dated gold rose $6.70, or 0.4%, to
close at $1,611.30 an ounce. It was the highest close for a
front-month contract since February 26, and the precious metal's
fourth straight daily gain.
At the end of every market day, the staff at Schaeffer's
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major events and key market developments. Don't miss this
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