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Markets Hit Record Intraday Peaks, Despite Sluggish Economic Data

By: Schaeffer's Investment Research
Posted: 11/25/2013 4:20:00 PM
Referenced Stocks: AAPL;BA;CAT;P;WMT

"The news about the Iran nuclear deal caused some excitement this morning, but near the end of the day, everything was nearly flat, and volume was light," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Historically, Thanksgiving week has a bullish tint to it, with most of these gains coming later in the week." Meanwhile, the Dow Jones Industrial Average (DJI) , S&P 500 Index (SPX) , and Nasdaq Composite (COMP) all achieved technical milestones before paring their respective intraday gains.

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


The Dow Jones Industrial Average (DJI - 16,072.54) churned higher for a large portion of the session, and touched an all-time intraday high of 16,109.63 around 2:30 p.m. ET. By the closing bell, however, the blue-chip bellwether was up a mere 7.8 points, or roughly 0.1% -- just enough to mark a record closing peak. Caterpillar Inc. ( CAT ) led the Dow's 18 advancers with a gain of 1.8%, while a 2.2% drop for The Boeing Company ( BA ) paced the 12 decliners.

The S&P 500 Index (SPX - 1,802.48) tagged its own record intraday peak of 1,808.10 shortly after the opening bell, but ended up finishing 2.3 points, or 0.1%, lower by session's end. Meanwhile, the Nasdaq Composite (COMP - 3,994.57) hit a new 13-year high of 4,007.09, and added 2.9 points, or 0.1%, on the day.

The CBOE Volatility Index (VIX - 12.79) was parked in the green for the entire day, and was 0.5 point, or 4.3%, higher by the closing bell.



A Trader's Take :

"The Nasdaq hit 4,000 for the first time in 13 years, although it wasn't able to close above this area," Detrick went on. "With the Dow near 16,000 and the SPX near 1,800, all three major indexes are near psychologically significant areas. Still, we remain impressed by the fact that small-caps and financials continue to reach new highs, as well. One of the knocks on the 2000 peak was how the only sector going up near the end was tech stocks. Looking at the 2007 peak, financial stocks were big-time laggards for months before the ultimate peak. Turning to the present, we have very broad-based strength in various sectors. Sure, we could have a pullback at any time, but with this much broad-based strength, it does look good for continued gains going out longer term."

3 Things to Know About Today's Market :

5 Stocks We Were Watching Today :

  1. Pandora Media Inc ( P ) received a bearish brokerage note at Morgan Stanley, despite the stock's impressive year-to-date gains.
  2. Puts were active on Facebook Inc (FB) , with one group of traders focusing on the front-month series of options.
  3. QUALCOMM, Inc. (QCOM) shares faltered following Friday's new high, amid news of an investigation being launched overseas.
  4. Near-term call players zeroed in on Sirius XM Holdings Inc (SIRI) , but some of these speculators may have been skeptics in disguise.
  5. Take-Two Interactive Software, Inc. (TTWO) attracted a crop of option bears, who bet on notable losses for the security by early next year.


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



Commodities :

Crude futures edged south today, as an agreement over Iran's nuclear program pressured oil prices lower. By the close, the January contract lopped off 75 cents, or 0.8%, to end at $94.09 per barrel.

Likewise, the same headlines weighed on gold futures, with December-dated gold falling $2.90, or 0.2%, to finish at $1,241.20 per ounce.