At its session peak, the
Dow Jones Industrial Average (DJI)
was up roughly 100 points, which ultimately helped solidify the
index's best daily settlement in two weeks. "It was a nice day on
Wall Street and rumored to be the 'Romney Rally,' as stocks liked
what the Presidential candidate had to say last night at the
debate," remarked Schaeffer's Senior Technical Strategist Ryan
Detrick. "I have no clue if that is true or not, but one thing that
did stand out to me was that small caps lagged again. We need to
see small caps regain leadership if this market is going to break
out to new highs once more."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Dow Jones Industrial Average (DJI - 13,575.36)
AA
BAC
INTC
The
S&P 500 Index (SPX - 1,461.40)
and
Nasdaq Composite (COMP - 3,149.46)
both followed the Dow into positive territory today, enjoying the
wave of optimism hitting the Street. The SPX tacked on 10.4 points,
or 0.7%, to close at its loftiest price since September 14.
Meanwhile, the COMP posted a return of 14.2 points, or 0.5%,
parking at an eight-day best.
The
CBOE Market Volatility Index (VIX - 14.55)
dipped back below its 20-day moving average, and slipped through
support at the 15 mark. By the close, the VIX lost 0.9 point, or
5.7%.
Today's highlight
: "To harp some more on small caps, I was very impressed with their
reversal off their lows," said Detrick "Small caps were actually in
the red at one point, and as the day wore on, they found some
buyers."
"Tomorrow is all about the jobs report," continued Ryan. "Then
everyone puts on their economist hat and determines what the number
means for the economy. After that, we'll put on our central banker
hat to see if we can think like Federal Reserve President Ben
Bernanke, attempting to predict what the jobs data means for more
quantitative easing (or not). Tune in, it'll be fun."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
After hitting a
two-month low on Wednesday,
oil futures mustered a sizable rally today amid ongoing supply
concerns and continued conflict in Syria. By the close,
November-dated crude jumped $3.57, or 4.1%, settling at $91.71 a
barrel.
Elsewhere in the commodities space, gold futures notched another
day higher, supported by word that the European Central Bank (ECB)
will keep borrowing costs low. Against this backdrop, gold for
December delivery gained $16.70, or 0.9%, to find a perch at
$1,796.50 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,575.36)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,461.40)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,149.46)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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