"With almost no earnings and little economic data, the market
didn't have too much to digest," remarked Schaeffer's Senior
Equities Analyst Joe Bell. "After last week's QE3 announcement and
market surge, it was pretty obvious that we were overbought on a
short-term basis. Well, we got the breather and the market pretty
much grinded sideways each and every day this week." Though the
Dow Jones Industrial Average (DJI)
couldn't maintain its positive momentum today, the index still
recorded its seventh straight settlement atop 13,500.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,579.47)
was in positive territory for most of the day, but fell below
breakeven in the last 20 minutes of trading. The blue-chip
barometer backpedaled 17.5 points, or 0.1%, by the time the dust
cleared. Of the Dow's 30 components, The Coca-Cola Company (KO) and
Alcoa Inc. (AA) paced the 17 laggards with losses of 1.6% and 1.3%,
respectively. On the other hand, McDonald's Corporation (MCD) led
the 13 winning issues with a 0.6% increase. Today's late-day
sell-off pulled the Dow to a 0.1% loss for the week.
The
S&P 500 Index (SPX - 1,460.15)
started off the day modestly higher, but slowly backpedaled into
the red. By the close, the SPX found itself fractionally lower, and
turned in a weekly deficit of 0.4%.
After tagging a near 12-year best at the 3,196.93 mark this
morning, the
Nasdaq Composite (COMP - 3,179.96)
mirrored the action of its fellow benchmarks, but maintained a
4-point, or 0.1%, gain for the day. For the week, however, the
tech-rich COMP gave up 0.1%.
The
CBOE Market Volatility Index (VIX - 13.98)
slipped 0.6%. On the week, the market's fear gauge retreated
3.7%.
Today's highlight
: "The end is finally here and we can finally pull the plug on this
comatose week of market action," said Bell. "We are still a couple
of weeks away from earnings season, but we may start to see some
warnings and pre-announcements coming next week."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures turned higher today, as some investors were looking
for deals after a lackluster week for the commodity. As the U.S.
dollar took a dip, November-dated crude gained 47 cents, or 0.5%,
to close at $92.89 a barrel. Crude notched a weekly loss of
6.2%.
The weaker greenback also buoyed
gold futures
, as did news that economically strapped Spain is closer to
solidifying a bailout from the European Union. Against this
backdrop, gold for December delivery tacked on $7.80, or 0.4%, to
end at $1,778 an ounce -- its highest settlement since Feb. 28. The
malleable metal also enjoyed a fifth consecutive weekly win, thanks
to a 0.3% rise over the past five sessions.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,579.47)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,460.15)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,179.96)
- support at 2,400; resistance at 3,400
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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