Thanksgiving Week Yields New Records, Weekly Gains

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"It was a slow week for economic data, and earnings season is pretty much in the rearview mirror at this point," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Couple that with the fact that it was a shortened holiday session, and the market was pretty uneventful." Nevertheless, the Dow Jones Industrial Average (DJI) , as well as other major indexes, managed to secure new intraday highs once again, though the Dow and the S&P 500 settled the session below breakeven.

Continue reading for more on today's market, including :

plus...
    Retailers project strong Black Friday returns, Apple Inc. ( AAPL ) secures a legal victory, and BlackBerry Ltd ( BBRY ) speculators eye short-term support.

After spending nearly the entire session above the breakeven mark -- and notching a new all-time intraday peak of 16,174.51 -- the Dow Jones Industrial Average (DJI - 16,086.41) spiraled lower into the closing bell, finishing off 10.9 points, or nearly 0.1%. On a week-over-week basis, the blue-chip index gained 0.1%, and added 3.5% for the month. Ten Dow names finished higher on the day, led by Microsoft Corporation ( MSFT ), which rallied 1.4%. Bringing up the rear together were AT&T Inc. ( T ), United Technologies Corporation (UTX), Verizon Communications Inc. (VZ), and General Electric Company (GE), all of which lost 0.6% today. Ending the session unchanged were The Coca-Cola Company (KO) and Merck & Co., Inc. (MRK).

The S&P 500 Index (SPX - 1,805.81) also slipped into the red by the close -- finishing down 1.4 points, or roughly 0.1% -- but not before tagging a record intraday peak of 1,813.55. The SPX finished the week up less than 0.1%, and closed November with a 2.8% gain. The Nasdaq Composite (COMP - 4,059.89) added 15.1 points, or 0.4%, and registered another new 13-year high of 4,069.70 in intraday trading. The COMP added 3.6% in November and 1.7% this week.

The CBOE Volatility Index (VIX - 13.70) rallied into the close, settling with a gain of 0.7 point, or 5.6%, for its first close above 13 since Nov. 20. This week, the VIX added 11.7%, but closed off 0.4% in November.

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

A Trader's Take :

"Despite the slow day, the markets continued to churn higher with extremely low volatility," noted Bell. "We once again finished the week higher, marking the eighth consecutive positive week for the S&P 500."

5 Things We Were Watching Today :

  • Early indications from the start of the holiday shopping season are positive, according to major chains . Target Corporation (TGT) indicated that store traffic hit new records, while Macy's, Inc. (M) reported that 15,000 shoppers were lined up outside of its flagship Manhattan location, up from 11,000 last year. The National Retail Federation expects overall retail sales to rise 4% during the final two months of the year, compared with 2012. (CNBC)
  • BlackBerry Ltd ( BBRY ) options traders have been selling to open short-term puts, in hopes that the shares will not visit another new low.
  • As Micron Technology, Inc. (MU) nabbed another 11-year high, call buyers targeted continued gains in the shares.
  • A federal judge dismissed a consumer lawsuit filed against Apple Inc. ( AAPL ) . Meanwhile, the company adjusted its Black Friday promotions for European customers.
  • Bullish speculators flocked to Sirius XM Holdings Inc (SIRI) , betting on continued upside in the satellite radio provider.

For a look at today's options movers and commodities activity, head to page 2.

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Commodities :

Crude futures were modestly higher at last check, with the January contract rising $1.22, or 1.3%, to $93.52 per barrel. For November, black gold is set to close nearly 3% lower.

February gold futures (representing the most active contract) were also higher, up $12.50, or 1%, to $1,250.40 an ounce thanks to a weaker dollar. For the month, however, the yellow metal suffered a 5.5% pullback.

SCHAEFFER'S MARKET POSTURE



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: AAPL , BBRY , F , MSFT , T

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