"We had a pretty decent jobless claims report this morning and
mixed earnings results across the board. Overall, the market didn't
make much of a move in either direction after a lot of intraday
whipsaw action," summarized Schaeffer's Senior Equity Analyst Joe
Bell, CMT. "On a day without much movement, it was nice to see
small-caps and high-beta technology stocks assume a bit of a
leadership role. After a tough first couple of weeks in April, it
was encouraging to see a little strength going into the holiday
Dow Jones Industrial Average (DJI)
ended with a modest loss -- but closed the week solidly higher --
S&P 500 Index (SPX)
rallied to its best weekly finish since July.
Trading Topic of the Week
Continue reading for more on today's market, including
-- Tips for Short-Term Trading:
Select your option carefully
. Consider your risk appetite and forecast for the stock when
choosing a strike and expiration date, since there's no room for
error when your trading time frame can be measured in hours.
Dow Jones Industrial Average (DJI - 16,408.54)
snapped its three-day winning streak by a narrow margin, but closed
2.4% higher for the week. At today's close, the index was down 16.3
points, or 0.1%, after spending time on both sides of breakeven.
Leading the Dow's 19 advancers was General Electric Company (GE),
up 1.7% today. Pacing the 11 decliners was International Business
Machines Corp. (IBM), which slipped 3.3% following its earnings
S&P 500 Index (SPX - 1,864.85)
settled higher on the day, adding 2.5 points, or 0.1%. The
Nasdaq Composite (COMP - 4,095.52)
, meanwhile, rose 9.3 points, or 0.2%. Week-over-week, the SPX
rallied 2.7% -- erasing last week's 2.6% drop -- while the COMP
CBOE Volatility Index (VIX - 13.36)
continued to falter, losing 0.8 point, or 5.8%. The market's "fear
gauge" closed south of the 13.50 mark for the first time since
April 3. Week-over-week, the VIX dropped 21.6%.
5 Items on Our Radar Today
- First-time unemployment filings ticked higher by 2,000 during
the week ended April 12, reaching a seasonally adjusted 304,000
come in south of economists' expectations
. What's more, the four-week moving average -- which smoothes out
week-over-week "noise" -- reached 312,000, or the lowest since
- GOOGL shares
took a tumble
after the web giant's first-quarter earnings and sales came in
south of analysts' expectations. One data point that concerned
Google watchers was the amount of payments from marketers per ad
on Google sites, which slipped 9%.
- The Philadelphia Fed reported that its
business activity index
for April rose to 16.6 from 9.0 the previous month, exceeding
economists' estimates. Readings north of zero reflect expansion
in the mid-Atlantic region.
- See how
Sirius XM Holdings Inc. (
speculators are taking advantage of high options premiums.
Zynga Inc (
option bulls bet big on a post-earnings jump.
For a look at today's options movers and commodities
activity, head to page 2.
Oil futures edged higher today, amid continued uncertainty in
Ukraine and heightened expectations for energy demand. Crude for
May delivery rose 54 cents, or 0.5%, to a six-plus-week high of
$104.30 per barrel. Week-over-week, oil added 0.5%.
Stronger-than-expected domestic data and continued strength in
equities dimmed gold's safe-haven appeal, sending futures lower. By
the close, the June contract had given back $9.60, or 0.7%, to
$1,293.90 an ounce, a two-week low. Since last Friday, the contract
has slipped 1.9%.