Following the market opening Monday, the Dow traded down 0.35
percent to 13,944.18 while the NASDAQ fell 0.33 percent to
3,183.18. The S&P also fell, decreasing 0.25 percent to
Index Technicals: The Dow looks to be forming a price channel
today between 14,022.62-13,855.2, while the NASDAQ looks to be
re-testing its September highs at 3,197, with near term support
set around 3,125.
The S&P looks to be set up for a breakout above 1,515,
with its lower bound set at 1,497. As a reference point, its 2007
highs were set at 1,576, which may form a key level.
Top Headline Make headlines around the world today was the
retirement of Pope Benedict XVI, the first time a pope has
retired in over 6 centuries. While not specifically market
related, it has been covered closely in financial media, with
some tongue and cheek humor suggesting that he is leaving for the
Equities Trading UP AOL (NYSE:
) traded up 6.32 percent to $35.85 this morning after the company
received an upgrade and a price target increase on the heels of
its positive earnings report Friday.
Shares of The Wendy's Company (NASDAQ:
) were also up, gaining 3.19 percent to $5.18 after the company
posted a strong earnings report Monday morning.
) was also up, gaining 3.50 percent to $44.89 following positive
sentiment around the government probe of S&P's ratings
Equities Trading DOWN Heckman (NYSE:
) took a hit in early trading, falling 8.28 percent to $3.99
following a downgrade to Underperform at Wedbush Securities this
) was also down, declining 4.55 percent to $15.74 on reports that
Home Depot (NYSE:
) was switching from BlackBerry devices over to the iPhone.
Shares of Radian Group (NYSE:
) were down as well, falling 3.79 percent to $6.47 after
reporting a widening loss for the fourth-quarter this
Commodities In commodity news, oil traded down 0.54 percent to
$95.20, while gold traded down 0.93 percent to $1,651.40.
Silver traded down 0.42 percent Monday to $31.02.
Eurozone In the eurozone this morning, markets were mixed as
traders moved on sentiment around the meeting of European
leaders. The Spanish Ibex lead the downside, falling 0.31
percent, while the French CAC lead things on the upside, gaining
Economics There were no major economic releases Monday
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