The
Dow Jones Industrial Average (DJI)
notched a 26-point win today, although it was hardly
applause-worthy, considering yesterday's steep decline. "We
actually got some pretty decent economic data this morning. Between
the durable goods orders and initial jobless claims, both were
better than expected," said Schaeffer's Senior Equity Analyst Joe
Bell. "Unfortunately, it doesn't seem like that was enough for the
market, and many investors will be looking for stronger earnings
reports than they have been getting."
Keep reading to see what else was on our radar today:
Chart of the Day
: Schaeffer's Senior Options Strategist Tony Venosa, CMT shows nine
reasons why Perfect World Co. (PWRD) looks like a
profitable bullish trade setup
.
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,103.68)
shot to an intraday peak of 13,164.52 right out of the gate this
morning, but pared its gains throughout the day to spend much of
the afternoon hovering around breakeven. By the time the closing
bell rang, the blue-chip barometer was up 26.3 points, or 0.2%,
finishing back atop the 13,100 level. The Procter & Gamble
Company (
PG
) led the Dow's 18 advancers with a gain of 2.9%, while The Boeing
Company (
BA
) led the 11 laggards with a 1.6% decline. General Electric Company
(
GE
), however, remained unchanged.
The
S&P 500 Index (SPX - 1,412.97)
and
Nasdaq Composite (COMP - 2,986.12)
also claimed slight victories, as both mimicked the Dow's early
advance before heading south later in the day. The SPX managed to
reclaim its 80-day moving average, tacking on 4.2 points, or 0.3%.
Meanwhile, although the COMP's 200-day moving average continued to
act as support, the index notched a second consecutive finish below
3,000, adding 4.4 points, or 0.2%.
The
CBOE Market Volatility Index
(VIX - 18.12) fell 0.2 point, or 1.2%, but remained north of the 18
mark, as well as its 200-day moving average.
Today's highlight
: "We saw early strength after the recent pullback, but once again,
it was a rally that struggled to keep its momentum," commented
Bell. "With the SPX at critical short-term support near the 1,410
area, bulls would like to see this area hold."
Noteworthy stats at the close:
- The equity put/call volume ratio across all 10 options
exchanges ended at 0.92, with roughly 6.83 million calls and 6.34
million puts traded.
- The put/call volume ratio on the iPath S&P 500 VIX
Short-Term Futures ETN (NYSEARCA:VXX - 36.48) checked in at 1.01,
with puts slightly outstripping calls.
- The New York Stock Exchange (NYSE) showed an advance/decline
ratio of 1.52, as the number of upward movers outpaced the
decliners. Likewise, the advance/decline ratio on the Nasdaq
stood at 1.41.
More of today's big stories:
And, in case you missed it
...
Schaeffer's On Charts
: Options Indicator Flashes Potential Buy Signal.
For today's activity in commodities, options, and more, head
to page 2.
Crude futures tiptoed higher, snapped out of their five-day
slump by a decent report on durable goods orders. However, on the
heels of the previous session's bearish inventory report, black
gold's positive momentum was muted. December-dated oil ended on a
gain of 32 cents, or 0.4%, at $86.05 per barrel.
Gold futures, meanwhile, capitalized on Wednesday afternoon's
Fed announcement. With policymakers set to continue their
full-throttle easing initiative, traders were drawn to the popular
currency hedge. Also upping the precious metal's appeal was a
report showing strong bullion demand in India. Gold for December
delivery rose $11.40, or 0.7%, to settle at $1,713 per ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,103.68)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,412.97)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,986.12)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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