Markets Consolidate, But Dow Muscles Higher

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" FedEx Corporation ( FDX ) came out and lowered its guidance, which may affect several industries and companies throughout the world," noted Schaeffer's Senior Equities Analyst Joe Bell. "The market was relatively flat and we once again saw a lot of the consumer staples and defensive names lead for the day, while consumer discretionary stocks and housing related companies struggled." Throughout the see-saw session, the Dow Jones Industrial Average (DJI) battled hard to maintain a perch atop newfound support at 13,500.

Keep reading to see what else was on our radar today:

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

The Dow Jones Industrial Average (DJI - 13,564.64) began trading at its session low of 13,517.81, and then ran to its intraday high of 13,582.12 just before midday. After that, though, the Dow wavered on either side of breakeven until lifting 11.5 points, or roughly 0.1%, by the closing bell. Seventeen of the 30 components turned lower today, with Alcoa Inc.'s ( AA ) analyst-induced 0.9% decline leading the way. Conversely, a 1.8% rise from Kraft Foods Inc (NASDAQ:KFT) paced the 13 outperforming blue chips.

The S&P 500 Index (SPX - 1,459.32) and the Nasdaq Composite (COMP - 3,177.80) traveled a similar path into negative territory, briefly eclipsing the breakeven line earlier in the session. By the time the dust settled, the SPX fell 1.9 points, or 0.1%, while the COMP relinquished a fraction of a point.

The CBOE Market Volatility Index (VIX - 14.18) also headed south today, giving back 0.4 point, or 2.8%, to finish just atop its intraday low of 14.17.

Today's highlight : "There wasn't much to cheer about," remarked Bell. "The markets continued to consolidate after last week's QE3-related rally."

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

On the heels of a mysterious sell-off in the last minutes of trading on Monday , oil futures stayed south for a second straight session. By the close, October-dated crude sawed off $1.33, or 1.4%, to end at $95.29 a barrel. This marked the commodity's worst settlement since Aug 31.

Not many speculators returned to gold futures today, as the malleable metal was little changed by the closing bell. Gold for December delivery inched higher by 60 cents, or roughly 0.1%, to end at $1,771.20 an ounce.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,564.64) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,459.32) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,177.80) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

SCHAEFFER'S MARKET POSTURE

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



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.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: AA , ABT , FDX , JAZZ , SWHC

Schaeffer's Investment Research

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