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Dow Claws Its Way Back Into Positive Territory
8/8/2013 4:21:00 PM
By: Schaeffer's Investment Research
"After three straight down days, the market was able to finish
in the green," said Schaeffer's Senior Technical Strategist Ryan
Detrick, CMT. "Still, it was similar to the past few days, as
volume was very light, and things were rather boring. Then again,
this is August, and historically (though with some exceptions),
August is a slightly bearish month in which nothing happens." As a
Dow Jones Industrial Average (DJI)
ended the session with a modest gain.
The Dow Jones Industrial Average (DJI - 15,498.32) spiked to an intraday high of 15,557.12, and then tumbled to a session low of 15,418.60 in just over an hour this morning. By the closing bell, however, the index powered north again to end 27.7 points, or 0.2%, higher. Once again, Microsoft ( MSFT ) led the 16 advancing blue chips with a gain of 2.6%, while Intel (INTC) paced the 14 laggards with a decline of 1.1%.
The S&P 500 Index (SPX - 1,697.48) also rebounded from its morning lows, and ended with a gain of 6.6 points, or 0.4%, to retake control of its 10-day moving average. Meanwhile, the Nasdaq Composite (COMP - 3,669.12) advanced 15.1 points, or 0.4%, for the session.
The CBOE Market Volatility Index (VIX - 12.73) had a bit of a rollercoaster ride on the charts today, but closed 0.3 point, or 1.9%, lower -- and back below its 10-day moving average.
A Trader's Take :
"Earnings season is nearly over, yet there were some impressive earnings reports last night, and both Tesla Motors ( TSLA ) and Groupon (GRPN) soared today," Detrick noted. "At this point, earnings season would have to be considered a success, and the economy is on much better footing than most feared six weeks ago."
3 Things to Know About Today's Market :
5 Stocks We Were Watching Today :
For a look at today's options movers and commodities activity, head to page 2.
Crude oil futures gave back early gains -- which were prompted by strong trade data out of China -- to end in the red for the fifth consecutive session. By the close, September-dated crude was down 97 cents, or 0.9%, to finish at $103.40 per barrel.
Meanwhile, gold futures muscled back atop the $1,300 mark, thanks to the aforementioned overseas data, as well as a weakening greenback. The December-dated contract surged $24.60, or 1.9%, to finish at $1,309.90 an ounce.