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11/6/2012 9:13:34 PM
Dow Jones Industrial Average (DJI)
spent the session comfortably higher, notching a triple-digit
victory by the closing bell. "Although volume has been relatively
light, we enjoyed a pretty nice Election Day rally," said
Schaeffer's Senior Equity Analyst Joe Bell. "This reminds me of
four years ago, when we also had a strong, positive move on
Election Day. Overall, we're seeing a lot of strength from crude
oil, gold, and other commodities, especially as the dollar
displayed quite a bit of weakness."
Daily Game Plan : Schaeffer's Senior Trading Analyst Bryan Sapp suggests the markets could be pricing in an Obama victory .
And now, a look at the numbers...
The Dow blazed a trail higher right out of the gate today, topping out at 13,290.75 around midday. The bullish momentum waned just slightly in the final hour of trading, though, with the blue-chip barometer paring its lead. Today marks just the second close north of 13,200 since Oct. 22 for the Dow.
The S&P 500 Index (SPX) also spent the day in the black, ending north of its 20-day moving average for the first time since Oct. 18. Meanwhile, the Nasdaq Composite (COMP) ended with a slimmer victory, but retook its perch atop the 3,000 marker.
The CBOE Market Volatility Index (VIX) pared a portion of Monday's gains, surrendering roughly 4% to end back beneath its 200-day trendline.
Today's highlight : "We can try to focus on the stock market all we want, but today is all about politics and one of the most anticipated -- and close -- presidential elections in years," said Bell. "There's a lot of uncertainty surrounding this event, but this day only comes around every four years. All eyes will be glued to the television tonight."
More of today's big stories:
And, in case you missed it ... Our own Bernie Schaeffer offered his two cents on the short-term prospects of the SPDR S&P 500 ETF Trust (SPY) .
For today's activity in commodities, options, and more, head to page 2.
Crude futures followed equities into the black, touching a two-week high on hopes for rebounding demand. In addition, concerns about a post-Sandy supply shortage were favorable for the commodity, as was a weaker dollar. By the time the dust settled, December-dated oil advanced $3.06, or 3.6%, to end at $88.71 per barrel. In the same vein, gasoline for December delivery jumped nearly 8 cents, or 3%, to end at $2.70 per gallon, thanks to a short-term shortage of gasoline on the Sandy-ravaged East Coast.
Gold futures extended their rebound today, as investors flocked to the "safe haven" ahead of the presidential election results. Furthermore, the ailing greenback also contributed to the malleable metal's gains. By the close, December-dated gold soared $31.80, or 1.9%, to end at $1,715 an ounce. Elsewhere, silver for December delivery tacked on 91 cents, or 2.9%, to finish at $32.03 an ounce.
Levels to watch in trading...
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