Market Wrap-Up for Oct.6 (ABX, AEM, MA, FCX, MTB, more)

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The focus on the markets lately have been the high-beta names, but as you can see by today's downturn, traders are loving them one day and shooting them the next. Ask any traders that are trying to make a living in these active names and they will tell you it has been a coin toss trying to figure out the day's trend.

Elsewhere, gold-related shares have also been at the top of traders' lists, where the trend has been spiking higher the last couple of weeks. I continue to mention how technically gold's uptrend looks solid, but watch out for the "melt-up" action we are seeing. You can easily see a reversal catch longs off-guard, so be careful with names like Barrick Gold( ABX ) and Agnico-Mines( AEM ) . One of the stats that traders may be paying attention is that 88% of stocks on the NYSE are trading over their 50-day moving averages. When we see these percentage this high, the market is screaming that it is short-term overbought. Leading the way lower today in the financial space were companies like M&T Bank( MTB ) and Mastercard( MA ) . Shares of Freeport McMoran( FCX ) hit new 52-week highs as copper prices march back up to the $4 a pound level.

Another interesting stat out today was ADP's national employment report, which showed U.S. private employer payrolls fell by 39,000 jobs in September. A Reuters consensus forecast was for an increase of 24,000 jobs. Clearly, the job market remains gloomy in the short-term. One of the messages I am giving students in some of my recent speaking appearances is to start putting seeds out early for the career they're looking to get into. It pays to talk to people in the field you are leaning toward. You may get some much-needed insight as well as potential opportunities to land a key internship or part-time work opportunity.

I hope everyone is enjoying the new video segments our editor Tom Reese and I are producing on the site. Feel free to reach out to us with more ideas on what you would like to see discussed. I am also proud to announce that I have signed a book deal with FT Press/Pearson, in which we will be publishing a book about dividend stock investing, personal finance tips and more. I will be providing everyone with more details as things begin to materialize.

As always, be sure to check out our industry-leading Best Dividend Stocks list for our current recommendations. See you tomorrow!

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: ABX , AEM , FCX , MA , MTB

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