"The markets churned higher, as more and more reports are coming
out of Europe that indicate Cyprus may reach a resolution sooner
rather than later," said Schaeffer's Senior Equity Analyst Joe Bell
Dow Jones Industrial Average (DJI)
finished the week strong. "Technology continued to lag, but
consumer discretionary names faired quite well."
Continue reading for more on today's market, including
- Schaeffer's Senior Options Strategist Tony Venosa, CMT, gives
why investors should buy on any price pullbacks in Amgen (
) -- part of our reader request series.
- Some well-known names were among the
most active options list
, including Apple (
), Google (
), and Hewlett-Packard (
- And our
Option Idea of the Week
: market skepticism on Walgreen Company (
) could actually help fuel the drugstore chain's current rally
- The markets close the week on an up note, Cyprus talks
continue, and call trading leveled up for Level 3 Communications
Dow Jones Industrial Average (DJI)
ended the week on a strong note thanks to new hope that things will
settle down in Cyprus. The Dow gained nearly 91 points, or 0.6%, to
finish at 14,512.03. The 30-member Dow saw 22 of its members
advance, led by Hewlett-Packard (
), which climbed 3.2%. UnitedHealth Group (UNH) led the seven
decliners by falling 1.1%. Alcoa (AA) was unchanged. For the week,
the Dow finished down less than 0.1%, a mere 2 points below last
S&P 500 Index (SPX)
also gained, picking up 11 points, or 0.7%, to close at 1,556.89.
The SPX lost 0.2% on the week. The
Nasdaq Composite (COMP)
finished at 3,245.00, up 22 points, or 0.7%. The week saw the COMP
CBOE Market Volatility Index (VIX)
fell 0.42 point, or 3%, to close at 13.57. The VIX gained 20.1% on
A Trader's Take
"It was a pretty slow day, but growth stocks took a slight
leadership role," Bell said. "As the week comes to an end, it seems
like most sectors have taken a bit of a breather after the strong
momentum in early March."
3 Things to Know About Today's Market
- Cyprus officials continued to
with the European Union on a new bailout deal that could help the
small country avoid bankruptcy. And it appears a potential deal
with Russia is off the table.
- The ongoing saga surrounding the Dreamliner 787 from Boeing
today, with the National Transportation Safety Board voicing
displeasure at Boeing's handling of the investigation.
- Julius Genachowski, the chairman of the Federal
Communications Commission, today announced he was
in the next few weeks after overseeing a huge expansion in
wireless broadband and cellular competition.
5 Stocks We Were Watching Today
- Level 3 Communications (LVLT) was
with call trading today.
- LinkedIn (LNKD) jumped on the charts today but that
short-term put buyers.
- Option bulls
Micron Technology (MU) after a strong sales showing and a run up
- Bears were out
on Tibco Software (TIBX) after the company released earnings and
lowered expectations for the coming quarter.
- Jeweler Tiffany & Co. (TIF) saw
of pre-earnings call buyers looking for a pop on the charts.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures followed the equity markets higher today, with oil
for May delivery finishing at $93.71 per barrel, up $1.26, or 1.4%.
Oil gained 0.3% on the week.
Gold for April delivery fell $7.70, or 0.5%, to end at $1,606.10
per ounce, as the precious metal lost some of its safe-haven appeal
on the improving outlook for Cyprus. Gold climbed 0.8% on the
At the end of every market day, the staff at Schaeffer's
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