Equities spent the majority of the day in pullback mode, as the
Dow Jones Industrial Average (DJI) couldn't keep Tuesday's positive
momentum going. "However, for the bulls, not seeing an implosion in
the markets today is a very positive sign," explained Equities
Analyst Bryan Sapp.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Sapp shared
four contrarian lessons
from First Solar's (
) wild-two day ride.
- Regional lender U.S. Bancorp (
can't get any respect
Bullish sentiment evaporated
last week, according to Investors Intelligence.
- Plus, see why Senior Technical Strategist Ryan Detrick is
keeping his chin up
about first-quarter earnings.
Dow Jones Industrial Average (DJI - 13,032.75)
stayed in negative territory all session long, but was able to
maintain a perch atop 13,000. By the time the dust settled, the Dow
was off 82.8 points, or 0.6%. Twenty-two of the 30 blue chips
finished with losses, as a
weaker-than-projected first-quarter revenue
pulled IBM (
) down 3.5% to lead the underperforming majority. Hewlett-Packard (
) paced the seven winning issues with a 0.9% gain, while Bank of
) finished flat ahead of tomorrow's earnings.
S&P 500 Index (SPX - 1,385.14)
didn't travel too far from breakeven, and edged lower by 5.6
points, or 0.4%, to settle a second day above the 1,375 level.
Nasdaq Composite (COMP - 3,031.45)
was able to peek its head above breakeven for a few brief moments,
but ultimately notched a loss of 11.4 points, or 0.4%.
CBOE Market Volatility Index (VIX - 18.64)
-- widely known as the market's fear gauge -- inched higher today.
The VIX added nearly 1% to close below its session high of
: "Massive weakness in Europe after a big up day on Tuesday should
have pulled us much lower," Sapp pointed out. "But there were a few
good earnings reports last night, including CSX (CSX) and
Halliburton (HAL). Additionally, transportation stocks were
relatively strong today, aided by cheaper oil. This could be a
reason why the market didn't see a big selloff."
Investors Intelligence (II)
sentiment survey showed that bullish sentiment has dipped.
to read more.
Ryan Detrick talked to CNBC India on Tuesday, and discussed the
low expectations for earnings season and what Europe's woes could
mean for the U.S.
to watch the interview.
Turning to equities in focus...
And, in case you missed it
, Bryan Sapp explained four rules for contrarian investing on
solar-power issue First Solar (
to read his observations.
For today's activity in commodities, options, and more, head
to page 2.
Crude futures erased Tuesday's rally and then some, as traders
weighed a larger-than-expected increase in domestic inventories.
The dollar-denominated commodity was also pressured by a stronger
greenback and weakness in equities. Oil for May delivery ended on a
loss of $1.53, or 1.5%, at $102.67 a barrel.
Likewise, gold futures took the road south today, and settled at
their lowest point in nearly two weeks. Like crude, the precious
metal was pulled lower by a strengthening dollar. June-dated gold
dropped $11.50, or 0.7%, to land at $1,639.60 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 13,032.75) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,385.14) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 3,031.45) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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