Dow Jones Industrial Average (DJI)
took off on a wild ride today, swinging more than 132 points before
all was said and done. As Federal Reserve Chairman Ben Bernanke
stepped up to the mic following the central banker's two-day
summit, Wall Street was on pins and needles. "After the usual
Fed-induced volatility, the lack of talk about another round of
quantitative easing by Bernanke pushed markets lower late in the
day," explained Schaeffer's Senior Technical Strategist Ryan
Detrick. "Nonetheless, after four straight up days, I guess some
type of selling was due."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
near-term volatility in small caps
with the RVX.
- Commodities make the
global markets go round
- See what technical hurdles
thinks could stand in
JPMorgan Chase's (
Just after lunchtime today, the
Dow Jones Industrial Average (DJI - 12,824.39)
climbed from a session low of 12,744.92 all the way to its session
peak of 12,877.18. But the Dow couldn't maintain this upward
momentum, and tripped 12.9 points, or 0.1%, lower by the closing
bell. Sixteen of the 30 components finished in positive territory,
as JPMorgan Chase (
) paced the winning majority with a 3% rise.
Procter & Gamble (
, meanwhile, led the 14 laggards with a 2.9% decline.
S&P 500 Index (SPX - 1,355.69)
marked its first down day out of the last five, dipping 2.3 points,
or 0.2%. On the other hand, the
Nasdaq Composite (COMP - 2,930.45)
recorded its fifth consecutive gain, tacking on 0.7 point, or
CBOE Market Volatility Index (VIX - 17.24)
backpedaled even further below the 20 level today, losing 6.2%, but
ending north of its session low of 17.09.
: "Because there was so much speculation as to what would happen
today, I'm glad to see that it's all finally over," claimed
Detrick. "All in all, I don't think the Fed did much to rock the
boat, and I believe the recent overall uptrend is very much
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures took a hit today, falling to a more than eight-month
low. The commodity dropped following a surprise increase in crude
stockpiles as well as the Fed's decision to prolong Operation Twist
and maintain interest rates at their current levels. July-dated
crude slipped $2.23, or 2.7%, to settle at $81.90 a barrel.
Meanwhile, crude for August delivery -- the most actively traded
contract -- burned off $2.90, or 3.4%, to close at $81.45.
Likewise, gold futures sputtered lower, thanks to the Fed's
downwardly revised forecast for inflation. August-dated gold inched
$7.40, or 0.5%, lower to land at $1,615.80 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,824.39) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,355.69) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,930.45) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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