Dow Jones Industrial Average (DJI)
didn't travel too far from where it began today, the blue-chip
barometer pierced the 13,600 level for the second time in four
days. "We once again received a heavy dose of sideways price action
today," said Schaeffer's Senior Equities Analyst Joe Bell. "This
morning, better-than-expected housing data helped many homebuilding
stocks surge and regain footing after a couple days of
And now, a look at the numbers...
Keep reading to see what else was on our radar today:
Dow Jones Industrial Average
(DJI - 13,577.96)
jumped to an intraday best of 13,626.48, but pared most of this
lead by the closing bell. For the day, the Dow tacked on 13.3
points, or roughly 0.1%, to land at its loftiest price since
December 2007. The Walt Disney Company's (
) 1.5% gain paced the 18 winning issues, while Exxon Mobil
) led the 11 lagging blue chips with a near 1.2% drop. American
Express Company (
) remained unchanged.
S&P 500 Index
(SPX - 1,461.05)
Nasdaq Composite (COMP - 3,182.62)
took a cue from the Dow, following the index into the black today.
By the close, the SPX inched higher by 1.7 points, or 0.1%, while
the COMP eked out a 4.8-point, or 0.2%, rise.
CBOE Market Volatility Index
(VIX - 13.87)
stayed south today, trimming off 0.3 point, or 2.2%. This marked
the VIX's lowest daily settlement since August 17.
: "Consumer discretionary stocks finally took a leadership role
once again," pointed out Bell. "Earlier this week, the risk-off
trade was dominating, as consumer staples and defensive stocks were
receiving most of the funds flowing into the market. As the more
risky, discretionary names take back the lead role, it's a good
sign for the overall market."
Turning to today's major market stories...
- As September expiration approaches, options traders are
ramping up their last-minute bets on
Groupon Inc (
O'Reilly Automotive Inc (
Questcor Pharmaceuticals, Inc. (QCOR)
- Analysts at Goldman Sachs weighed in on tech issue
Corning Incorporated (GLW)
and financial services firm
Charles Schwab Corp (SCHW)
- Alpha Natural Resources, Inc. (ANR), Polycom, Inc. (PLCM),
and Zillow, Inc. (Z) saw a
recent rise in put playing
: 3 Winning Cheap Stocks No One Cares About.
AOL, Inc. (AOL)
rallied to an all-time best.
: VeriFone Bulls Turn a Blind Eye to Technical Troubles.
- The latest
Investors Intelligence (II) sentiment survey
revealed a fifth straight weekly rise in bullish sentiment.
For today's activity in commodities, options, and more, head
to page 2.
notched their third consecutive loss today, as the Energy
Information Administration (EIA) reported a bigger-than-expected
rise in domestic oil inventories, and amid concerns that Saudi
Arabia could take measures to decrease prices. October-dated oil
sawed off $3.31, or 3.5%, to end at $91.98 a barrel. This marked
the commodity's lowest price since August 4.
It was another day of minor gains for gold futures, following
the Bank of Japan's plans to
extend its monetary easing program
. Gold for December delivery added 50 cents, or just under 0.1%, to
settle at $1,771.70 an ounce.
Levels to watch in trading...
Dow Jones Industrial Average (DJI - 13,577.96)
- support at 11,500; resistance at 14,000
S&P 500 Index (SPX - 1,461.05)
- support at 1,100; resistance at 1,500
Nasdaq Composite (COMP - 3,182.62)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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