Dow Jones Industrial Average (DJI)
turned south right out of the gate this morning, and was mired in
red ink all day long. "The jobs data was definitely a major
disappointment," reflected Senior Technical Strategist Ryan
Detrick. "I'm not sure if we can call this weakness in the jobs
data a trend quite yet, but it sure better turn around soon. Some
very important upcoming elections in both France and Greece are
also adding to the jitters."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Why does Detrick have his eye trained on
Crude oil plummeted
below the century mark.
the VIX vaulted higher
as panic swept the Street.
Dow Jones Industrial Average (DJI - 13,038.27)
hacked off 168.32 points, or 1.3%, settling just above its midday
low of 13,022.34. All 30 blue chips finished in negative territory,
as Bank of America (
) and Cisco Systems (
) paced the laggards with declines of 3.3% and 3%, respectively.
The Dow pulled back 1.4% for the week.
S&P 500 Index (SPX - 1,369.10)
ended a second straight day below 1,400, falling 22.5 points, or
1.6%, in the process. Meanwhile, the
Nasdaq Composite (COMP - 2,956.34)
suffered a loss of 68 points, or 2.3%. Over the past five sessions,
the SPX lost 2.4%, while the COMP declined 3.7%.
CBOE Market Volatility Index (VIX - 19.16)
jumped 9% by the closing bell, ending below its intraday peak of
19.28, and solidifying its highest settlement since April 16. For
the week, the VIX gained 17.4%.
expanded by 115,000 in April, said the
, falling short of consensus estimates for a gain of 168,000. On
the plus side, the unemployment rate backpedaled to 8.1%, besting
expectations for an unchanged reading of 8.2%. Additionally,
payrolls for February and March were upwardly revised by a combined
total of 53,000.
: "The SPX is less than 1% away from the 1,360 area," noted
Detrick. "This region served as support back in April, and should
it be violated, it could be a sign that this week's weakness could
be more lasting."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Due to a disappointing jobs report, oil futures dipped below
$100 and retreated to a third straight loss. By the close,
June-dated crude burned off $4.05, or 4%, to end at $98.49 a barrel
-- its lowest price since Feb. 7. Ongoing concerns about global
demand weighed on the commodity, knocking it down 6.1% for the
Conversely, gold futures reversed their four-day slide, as the
weak jobs data was a boon for the precious metal. As speculators
sought out the commodity's safe-haven appeal, gold for June
delivery added $10.40, or 0.6%, to land at $1,645.20 an ounce.
However, gold turned in a 1.2% deficit for the week.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 13,038.27) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,369.10) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,956.34) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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