"While the S&P 500 Index (SPX) contended with overhead
resistance in the 1,405 area, it has yet to sell off," pointed out
Schaeffer's Senior Equities Analyst Joe Bell. "Yes, volume is
light, but the fact that the bulls are holding steady in the face
of what would seem like a natural selling point is quite
encouraging. Homebuilding stocks were also very strong today, after
receiving a mix of downgrades and upgrades this morning." While the
Dow Jones Industrial Average (DJI)
bounced from its intraday lows, it settled with its first loss in
five sessions -- albeit a very minor one.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Although the
Dow Jones Industrial Average (DJI - 13,165.19)
marked its fourth straight settlement atop 13,100, it ended its
four-session rally. When closing time rolled around, the Dow's
erratic path came to a stopping point in the red, racking up a loss
of 10.5 points, or 0.1%. Sixteen out of 30 blue chips stayed north
today, as Cisco Systems, Inc.'s (
CSCO
) 3.2% rise led the outperforming majority. American Express
Company (
AXP
) paced the 13 laggards with a 2.5% deficit, while Hewlett-Packard
Company (
HPQ
) parked at breakeven.
After a very up-and-down session, the
S&P 500 Index (SPX - 1,402.80)
moved ever-so-slightly higher, keeping its perch above 1,400 for a
third straight day, and extending its winning streak to five days.
The
Nasdaq Composite (COMP - 3,018.64)
moved back into positive territory, gaining 7 points, or 0.3%, by
the closing bell. The COMP marked a third consecutive finish atop
3,000.
Make it a week's worth of settlements below 16 for the
CBOE Market Volatility Index (VIX - 15.28)
. The markets' fear gauge was basically flat today, inching
fractionally lower by the close.
Today's highlight
: "Is someone sitting inside a parked car still considered a
driver?" quipped Bell. "Well, there wasn't much moving the market
today. Summer weeks are known to be vacation time, but this seems
to be one of the slower weeks of market action we've experienced
this year." Beyond this recent sluggishness, however,
buybacks and buyouts abound
.
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Crude futures secured a very narrow victory today, ticking
higher on a surprise drop in jobless claims and news that a
tropical storm shuttered oil refineries in Mexico. However, as the
dollar strengthened, September-dated oil was only able to eke out a
gain of one cent, or 0.01%, settling at $93.36 a barrel.
Gold futures snatched a second straight session win on
another day of extremely light trading
, which hoisted the commodity to its highest price in a week. The
rallying greenback also held the precious metal from running too
high. By the close, gold for December delivery added $4.20, or
0.3%, to settle at $1,620.20 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,165.19)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,402.80)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,018.64)
- support at 2,400; resistance at 3,400
Click through to read coverage of today's
notable annual highs
.
At the end of every market day, the staff at Schaeffer's
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major events and key market developments. Don't miss this
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