"The market started relatively flat as investors digested a
weaker-than-expected consumer confidence number," noted Senior
Equities Analyst Joe Bell. "The market showed a lot of resilience,
though, as most sectors rallied to finish in the green after
yesterday's strong sell-off." Indeed, just before midday, the
Dow Jones Industrial Average (DJI)
shook off the lingering negativity and spent the afternoon
reclaiming as much of Monday's loss as it could.
Click through to see what else was on our radar today:
-
How low will they go?
Shares of JPMorgan may not have
reached a bottom
.
- Did the
homebuilders
leave out the welcome mat for the Case-Shiller housing
index?
- When is a
death cross
not a death cross?
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 12,534.67)
was up as much as 73 points today -- reaching a session peak of
12,576.41 in the last hour of trading -- but by the closing bell,
the Dow turned in a gain of 32 points, or 0.3%. Sixteen of the 30
blue chips ended with wins, as Chevron Corporation (
CVX
) paced the outperformers with a 1.9% rise. Kraft Foods Inc's (
KFT
) 2.2% decline led the 12 laggards, while Alcoa Inc. (
AA
) and The Travelers Companies, Inc. (
TRV
) remained unchanged.
The
S&P 500 Index (SPX - 1,319.99)
tacked on 6.3 points, or 0.5%, while the
Nasdaq Composite (COMP - 2,854.06)
moved 17.9 points, or 0.6%, higher.
The
CBOE Market Volatility Index (VIX - 19.72)
pulled back 3.2% and gave up its hold on the 20 level today,
landing just above its session low of 19.42.
Today's highlight
: "The Case-Shiller 20-city housing index was better-than-expected
and homebuilding stocks reacted very positively," remarked Bell.
"This was the second day in a row that we heard good housing data,
and the strong bounce from this home construction sector was a
bright spot for the market."
Turning to today's major market stories...
- Deconstructing the
bullish implications of death crosses
for the SPX.
- Schaeffer's Senior Technical Strategist Ryan Detrick sees a
deeper decline in store for
JPMorgan Chase & Co. (
JPM
)
.
-
Option Trends
: Molycorp, Inc. (MCP), Chesapeake Energy Corporation (CHK), and
Skyworks Solutions, Inc. (SWKS).
- Banking giant
Morgan Stanley (MS)
and online auction site
eBay Inc. (EBAY)
were tapped with analyst adjustments today.
- Outperformers Family Dollar Stores, Inc. (FDO), Lumber
Liquidators Holdings Inc. (LL), and Monster Beverage Corp. (MNST)
have the
legs to run higher
.
- The Ryland Group, Inc. (RYL) and Arch Coal Inc (ACI) were
among the
securities making record-breaking moves today
.
- Out-of-the-money put sellers could be
looking to snatch up shares of Under Armour Inc
(UA)
, should the stock take a near-term dip.
- Put players are betting that
Constellation Brands, Inc. (STZ) will experience some
post-earnings blues
later this week.
- Ahead of the U.S. Supreme Court's decision on Obamacare,
call volume ramped up on Medtronic, Inc. (MDT)
.
For today's activity in commodities, options, and more, head
to page 2.
Oil futures staged a comeback in the last minutes of trading
today, lifting their head above breakeven just before the close.
Although a disappointing U.S. consumer confidence report weighed on
the commodity for most of the session, crude for August delivery
eked out a 15-cent, or 0.2%, win to settle at $79.36 a barrel.
Gold futures reversed their previous two-session upswing today,
following a new five-month low for consumer confidence and ongoing
concerns about what could come of
this week's European Union (EU) summit
. August-dated gold melted $13.50, or 0.9%, to close at $1,574.90
an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 12,534.67)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,319.99)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,854.06)
- support at 2,400; resistance at 3,400
For today's notable annual highs and lows,
click here
.
At the end of every market day, the staff at Schaeffer's
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