Stocks Edge Lower as Consumer Names Buck the Bearish Trend

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Right out of the gate this morning, the Dow Jones Industrial Average (DJI) buckled some 58 points, and spent the remainder of day trying to get dig out of negative terrain. "Most sectors started trading deep in the red, but worked their way back near breakeven by the end of the session," noted Schaeffer's Senior Equities Analyst Joe Bell. "With many participants staying home for the Columbus Day holiday, it was very quiet on the Street."

Keep reading to see what else was on our radar today:

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ


Dow Jones Industrial Average (DJI - 13,583.65) HD UNH KO

Elsewhere, the S&P 500 Index (SPX - 1,455.88) and Nasdaq Composite (COMP - 3,112.35) followed similar paths, but suffered deeper slides than the Dow. The SPX slipped 5.1 points, or 0.4%, yet the index maintained a foothold atop its 20-day moving average and the 1,450 level. Meanwhile, the COMP sawed off 23.8 points, or roughly 0.8%, parking atop its 40-day trendline.

The CBOE Market Volatility Index (VIX - 15.11) rallied 0.8 point, or 5.4%, settling back above the 15 level and its 20-day moving average.

Today's highlight : "Consumer discretionary stocks did quite well, and Netflix, Inc. ( NFLX ) soared more than 10% after a big analyst upgrade," noted Bell. "The coal sector also did quite well on a day when there wasn't much going on."

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

Down for a second session in a row, crude futures turned south on the heels of the World Bank's lowered economic growth forecast for China. While speculators chewed on the possibility of lagging global demand for the commodity, crude for November delivery dipped 55 cents, or 0.6%, to close at $89.33 a barrel.

This anxiety also weighed on gold futures today, knocking the malleable metal to a second straight loss. As the dollar bounced higher, December-dated gold trimmed $5.10, or 0.3%, to settle at $1,775.70 an ounce.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,583.65) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,455.88) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,112.35) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

SCHAEFFER'S MARKET POSTURE

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 critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: HD , ISIL , KO , NFLX , UNH

Schaeffer's Investment Research

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