"Even though there was a variety of news out there this morning,
today was about as unexciting of a day that we've had in a long
time," remarked Schaeffer's Senior Technical Strategist Ryan
Detrick. "There was one bright spot, though, as it was very nice to
see housing up, while financials -- especially JPMorgan Chase --
got hit hard." With that, the
Dow Jones Industrial Average (DJI)
tumbled this morning, and spent the remainder of the day attempting
to regain its footing.
Click through to see what else was on our radar today:
- Will small caps
lead the summertime surge
in the broader market?
- The retail sector
shrugged off weak same-store sales
, but why?
- Plus, Bernie Schaeffer examined the new high in
ProShares UltraShort S&P500 (SDS) call open
interest
.
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 12,896.67)
spent about an hour in positive territory this afternoon, but was
unable to keep its head above breakeven. By the time the dust
settled, the Dow was off 47.2 points, or 0.4%, finding a foothold
above its session low of 12,852.24. All but seven of the 30 blue
chips settled with losses, as JPMorgan Chase (
JPM
) paced the underperforming issues with a 4.2% drop. Home Depot (
HD
) led the winning minority with a 0.9% rise.
The
S&P 500 Index (SPX - 1,367.58)
followed a similar path, and tripped 6.4 points, or 0.5%, at the
close. Meanwhile, the
Nasdaq Composite (COMP - 2,976.12)
closed fractionally higher. At their intraday worsts, the SPX and
COMP traded at 1,363.02 and 2,958.30, respectively.
The
CBOE Market Volatility Index (VIX - 17.50)
moved 5% higher today, but landed below its session peak of
18.22.
Today's highlight
: "Bottom line: today was a coffee day," smiled Detrick. "Coffee
days occur when nothing much happens and you'd be better off just
going for coffee all day. But stay tuned, as tomorrow should
provide for some early volatility with the jobs data due out before
the bell."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Following
Tuesday's rally
, oil futures took a dip today on a stronger greenback -- thanks to
interest rate cuts from
Chinese and European central banks
-- and weak same-store sales in the retail space. Despite a
decrease in oil stockpiles, the dollar-denominated commodity
fizzled. In a low-volume session, August-dated crude declined 44
cents, or 0.5%, to land at $87.22 a barrel.
In similarly low-volume action, gold futures took a slight hit
as the dollar soared on stimulus announcements from world central
banks. By the close, gold for August delivery inched $12.40, or
0.8%, lower to settle at $1,609.40 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 12,896.67)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,367.58)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,976.12)
- support at 2,400; resistance at 3,400
Click the links for coverage on today's
notable annual highs
and
notable annual lows
.
At the end of every market day, the staff at Schaeffer's
Investment Research reviews the trading day in detail, covering
major events and key market developments. Don't miss this
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