The Dow Jones Industrial Average (DJI) jumped nearly 100 points in intraday action before settling with a slim victory today. "European stock exchanges were up, which was good considering how much overseas news can weigh on our markets these days," stated Schaeffer's Senior Equity Analyst Joe Bell. "New claims for unemployment were right around what was expected and were slightly lower than last week's figure."
Keep reading to see what else was on our radar today:
- GLD is trading below a key technical level .
- Why should you always "manage risk first, and take risk second" ?
- Plus, Schaeffer's Senior Technical Strategist Ryan Detrick contemplated the new year-to-date peak in short interest .
And now, a look at the numbers...
The Dow Jones Industrial Average (DJI - 12,855.04) was up 96.7 points at its intraday peak of 12,931.70, but could only hold onto a 20-point, or 0.2%, gain. Today's advance ended the Dow's six-day losing streak. Nineteen out of the 30 blue chips finished higher, as Pfizer ( PFE ) led the outperformers with a 1.7% jump. Cisco Systems' ( CSCO ) earnings-induced drop of 10.5% paced the 11 laggards.
The S&P 500 Index (SPX - 1,357.99) was able to eke out a win today, climbing 3.4 points, or 0.3%, by the closing bell. But the tech-rich Nasdaq Composite (COMP - 2,933.64) couldn't keep its head above breakeven, and edged 1.1 points, or 0.04%, lower.
The CBOE Market Volatility Index (VIX - 18.83) pulled below the 20 mark today, and closed down 6.2%, just above its session low of 18.77.
Today's highlight : "Overall, the market held small gains throughout the day," said Bell. "The Dow broke its six-day losing streak and closed above its April low, but the Nasdaq was dragged down by CSCO's worse-than-expected earnings report . In addition, the iShares Russell 2000 Index Fund ( IWM ) is still trading above previous support and the neckline of its potential head-and-shoulders pattern."
Turning to today's major market stories...
- Skechers ( SKX ), Logitech ( LOGI ), and Family Dollar (FDO) are among the top-performing stocks since the SPX's April peak .
- The recent rise in short interest could bode well for the broader equities market.
- Schaeffer's Senior Equity Analyst Tony Venosa looked in on a couple of his favorite picks from the housing sector .
- Schaeffer's Equities Analyst Bryan Sapp shared a case study in risk management .
- Analysts weighed in on Cree (CREE) and 3M Company (MMM) .
- The SPDR Gold Trust (GLD) extended its run below its 320-day trendline .
- Pre-earnings options activity ramped up on Express Scripts (ESRX) and Nvidia (NVDA)
- New highs and new lows: Archer Daniels Midland (ADM) and Windstream (WIN) were among the standouts in today's session.
- Check out Ryan Detrick's latest appearance on the Fox Business Network .
For today's activity in commodities, options, and more, head to page 2.
Oil futures snapped their six-day losing streak, as bargain-hunting investors headed back to the market, and anxieties over Spain and Greece appeared to lessen. By the close, crude for June delivery added 27 cents, or 0.3%, to end at $97.08 a barrel.
Bargain hunting and easing concerns about the euro zone also supported gold futures today, helping the commodity end its three-day pullback. As the dollar faltered, June-dated gold gained $1.30, or 0.1%, to close at $1,595.50 an ounce.
Levels to Watch in Trading :
- Dow Jones Industrial Average (DJI - 12,855.04) - support at 11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,357.99) - support at 1,100; resistance at 1,500
- Nasdaq Composite (COMP - 2,933.64) - support at 2,400; resistance at 3,400
For today's notable annual highs and lows, click here .
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