"We had a nice bounce back after Thursday's bloodbath," noted
Schaeffer's Senior Technical Strategist Ryan Detrick. "Although
there wasn't any big news on the day, the fact that it was a Friday
and we didn't see any big selling ahead of the weekend has to be
considered a victory." But try as it may, the
Dow Jones Industrial Average (DJI)
stayed below breakeven for the week.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Price is truth
: Undeniable signs that the
pharmaceutical sector is winning
- Did Goldman Sachs
call a bottom for the SPX
- What is standing in the way of
additional upside for small caps
The Dow Jones Industrial Average (DJI - 12,640.78)
reclaimed a portion of the previous session's deficit, climbing
67.2 points, or 0.5%, by the closing bell. All but three of the 30
blue chips ended with wins, as Microsoft (
) and Merck (
) led the outperforming majority with gains of 1.9% each. Wal-Mart
) settled with a 0.6% drop, while Caterpillar (
) edged fractionally lower. Exxon Mobil (
) remained unchanged. For the week, the Dow dipped nearly 1%.
S&P 500 Index
(SPX - 1,335.02)
finished in the black today, moving 9.5 points, or 0.7%, higher.
With the best performance of its fellow benchmarks, the
Nasdaq Composite (COMP - 2,892.42)
jumped 33.3 points, or 1.2%. Over the past five sessions, the SPX
surrendered 0.6%, while the COMP finished with a 0.7% rise.
CBOE Market Volatility Index (VIX - 18.11)
tripped back below 20 today, and tallied a 9.8% decline by the time
the dust settled. The market's fear gauge lopped off 14.2% on the
week -- its lowest weekly close since late April.
: "I'll be filling in writing our
Monday Morning Outlook
this coming week, so be on the lookout for it this weekend," said
Detrick. "I discuss why we still think we're making a major bottom,
and why higher prices could be in the cards over the coming
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures reversed their recent bout of weakness today, but
were unable to erase all of the damage done throughout the week.
The possibility of a strong storm in the Gulf of Mexico contributed
to the commodity's rise, as the potential for production
interruption fueled supply concerns. Crude for August delivery
added $1.56, or 2%, to close at $79.76 a barrel. For the week,
though, black gold slipped 5.1%.
Gold futures also finished in positive territory today, finding
some safe-haven support after
Moody's downgraded several global financial
. By the close, August-dated gold inched up $1.40, or 0.1%, to
settle at $1,566.90 an ounce. The precious metal peeled back 3.8%
for the week, nearing breakeven for the year.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,640.78) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,335.02) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,892.42) - support at 2,400;
resistance at 3,400
For today's notable annual highs and 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
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.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.