"The fact we didn't give up after yesterday's hoopla was
impressive," said Schaeffer's Senior Technical Strategist Ryan
Detrick, CMT, as the
Dow Jones Industrial Average (DJI)
continued to climb, setting new records for the second straight
day. "Still, the Dow might be making new highs, but the S&P 500
Index (SPX) and Nasdaq (COMP) aren't there yet. So don't get too
excited just yet."
Continue reading for more on today's market, including
- Schaeffer's Senior Options Strategist Tony Venosa, CMT, gives
why Research In Motion Ltd (
) looks primed for a long trade.
- Schaeffer's Senior Trading Analyst Bryan Sapp on
today's ADP Employment Report had on the markets; plus, technical
analysis on Coinstar (
- Our Weekly Contrarian: Can Facebook Inc. (
the possible loss of teen users? Our analysis says the future is
brighter than some say.
- The markets keep reaching for the sky, surprisingly positive
job numbers, and how short-term traders swarmed all over eBay (
Dow Jones Industrial Average (DJI)
set another all-time intraday high of 14,320.65. Sparked by
positive job-creation data, the Dow gained nearly 43 points, or
0.3%, to finish at 14,296.24. The 30-member Dow saw 22 companies
advance, led by Bank of America (
), which climbed 3.2%. The eight decliners were paced by Microsoft
(MSFT), which fell 0.9%.
S&P 500 Index (SPX)
climbed nearly 2 points, or 0.1%, to close at 1,541.46. The SPX
also set another intraday 12-month high, and is now trading at
levels not seen since October 2007. After a slow start, the
Nasdaq Composite (COMP)
fell almost 2 points, or less than 0.1%, to finish at 3,222.36.
CBOE Market Volatility Index (VIX)
gained just a hair of a point, or 0.0% to close at 13.53.
A Trader's Take
"Today felt like the hangover from yesterday's new-Dow-high
party," Detrick said. "Sure, volume was light, but at this point
everyone is waiting for the monthly jobs data [the Labor
Department's unemployment report] coming out on Friday."
3 Things to Know About Today's Market
- Payroll processor ADP this morning reported that
by 198,000 in February, beating economists' estimates of 175,000
(The Wall Street Journal)
- The special board committee for Dell Inc. (DELL) appointed to
review the tentative $24.4 billion buyout by a group that
includes founder Michael Dell
that it remains the best option for the company. Meanwhile,
activist investor Carl Icahn
100 million DELL shares, amounting to a 6% stake.
(The New York Times/CNBC)
- Crude oil inventories
3.8 million barrels in the week ending March 1, handily beating
forecasts of 500,000 barrels. That forced crude prices down --
and the CEO of Exxon Mobil Corp. (XOM)
that his company's production would decline by 1% this year.
(Fox Business/CBS Money Watch)
5 Stocks We Were Watching Today
- eBay Inc (
) saw a
flurry of option activity
, including trades from short-term investors looking to cash in
by the end of the week.
- Short-term traders also
Research In Motion (
), with bulls looking for a strong finish to this week.
- Online travel site TripAdvisor, Inc. (TRIP) jumped on the
charts, and was immediately
by bullish call traders.
- Qualcomm (QCOM) saw a lot of
as well, with traders looking for a decent jump by next
- All the turmoil at J.C. Penney Company (JCP)
the attention of bearish put traders, looking for a big fall in
the next month.
For a look at today's options movers and commodities
activity, head to page 2.
The previously mentioned inventories report sent oil down to an
intraday low south of the $90 mark, although April crude futures
finished with a loss of 39 cents, or 0.4%, at $90.43 per
Gold futures finished unchanged, with the April contract closing
at $1,574.90 per ounce. The intraday trading range was a modest
At the end of every market day, the staff at Schaeffer's
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major events and key market developments. Don't miss this
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