Back to main

Stocks Pressured Lower, Dow Closes Below 16,000

Posted
12/10/2013 4:23:00 PM
By: Schaeffer's Investment Research
Referenced Stocks:AAPL;GERN;GM;GS;TWTR

"We had a little bit of economic data released this morning, but overall these reports did little to move the market one way or the other," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Most major sectors were met with early selling, but by the end of the day, some participants bought the dip once again, and we finished off the intraday lows." After dancing around the 16,000 level for much of the session, the Dow Jones Industrial Average (DJI) ended back south of this millennium mark.

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

plus...

The Dow Jones Industrial Average (DJI - 15,973.13) traded below the breakeven level for nearly all of the session once again, closing down 52.4 points, or 0.3%. Seven of the 30 Dow names finished higher, led by Goldman Sachs Group Inc ( GS ), which added 1.2%. Microsoft Corporation (MSFT) paced the 23 decliners with its 1.5% loss.

The S&P 500 Index (SPX - 1,802.62) also fell, shedding 5.8 points, or 0.3%. Unlike the Dow, however, the SPX maintained its hold above its own round-number level -- 1,800. The Nasdaq Composite (COMP - 4,060.49) slipped 8.3 points, or 0.2%, on the day.

The CBOE Volatility Index (VIX - 13.91) hit an intraday high of 14.22 before closing up 0.4 point, or 3.1%.

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

A Trader's Take :

"Despite the overall broad-market weakness, there were pockets of strength today," Bell added. "It seemed like many of the momentum names and high-flyers disconnected themselves from the major indices and finished with some decent gains. Solar energy companies, basic materials, and gold miners were all among the notable outperformers."

3 Things to Know About Today's Market :

5 Stocks We Were Watching Today :

  1. Facebook Inc (FB) retook the $50 level and was flooded by bullish options traders.
  2. Advanced Micro Devices, Inc. (AMD) attracted a slew of option bulls ... or were they short sellers looking to hedge?
  3. Twitter Inc ( TWTR ) option prices are rising, but that hasn't stopped speculators from trading them.
  4. Good news from a late-stage clinical trial sent call speculators into the AbbVie Inc (ABBV) option pits.
  5. One wonders why controversial Abercrombie & Fitch Co. (ANF) Chairman and CEO Michael S. Jeffries was offered an extension on his contract.

EARNINGS

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

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Commodities :

Crude futures accelerated to their highest close since late October, amid expectations that weekly reports will reveal a further decline in crude supplies. By the close, January-dated futures had added $1.17, or 1.2%, to end at $98.51 per barrel.

Gold futures also rose, notching a three-week high as traders continued to speculate about when the Federal Reserve will begin tapering its current asset-buying efforts. The precious metal's February contract added $26.90, or 2.2%, settling at $1,261.10 an ounce.

SCHAEFFER'S MARKET POSTURE