The
Dow Jones Industrial Average (DJI)
endured a 97-point swing today, touching the 13,536.27 level just
before noon. "We had some positive U.S. data from the ADP payrolls
report and ISM service report, but the market's gains were pared as
the day progressed," said Schaeffer's Senior Technical Strategist
Ryan Detrick. "The reality is, with the monthly jobs data out on
Friday, traders were leery of making any big bets ahead of this
report."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Dow Jones Industrial Average (DJI - 13,494.61)
Hewlett-Packard Company (
HPQ
)
HD
Both the
S&P 500 Index (SPX - 1,450.99)
and
Nasdaq Composite (COMP - 3,135.23)
maintained their early momentum and crossed the finish line with
modest gains. The SPX lifted 5.2 points, or 0.4%, while the COMP
turned higher by 15.2 points, or 0.5%.
The
CBOE Market Volatility Index
(VIX - 15.43)
saw time on both sides of breakeven today, but finally found a
perch in negative territory. The VIX posted a daily deficit of 0.3
point, or 1.8%
Today's highlight
: "One concern of mine is that small caps lagged today and have
been lagging for a few weeks," said Detrick. "Usually this suggests
the market is due for a pullback, as the 'risky' small-cap names
are underperforming."
"At the same time, housing did great today. We've liked housing
all year here at Schaeffer's, and today's action suggests those
names could be getting ready for another surge higher very
soon."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures racked up a second straight loss today, as global
demand concerns took a front seat to a surprise drop in domestic
inventories. Against this backdrop, crude for November delivery
peeled back $3.75, or 4.1%, to land at $88.14 a barrel -- its
lowest level since July 31.
Better-than-expected service-sector and employment data helped
gold futures to a narrow victory today, as speculators appeared to
up their positions on the commodity as an inflationary hedge. By
the close, December-dated gold added $4.20, or 0.2%, to finish at
$1,779.80 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,494.61)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,450.99)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,135.23)
- support at 2,400; resistance at 3,400
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