Bulls Lasso Another Win on Greek Debt Swap Optimism

Gains for the SPX and COMP evened out Tuesday's decline

by 3/8/2012 4:19:45 PM
Stocks quoted in this article:
Page 1Page 2

Crude-oil futures pushed higher today, as traders priced in expectations for a successful Greek debt swap. With reports indicating that a healthy majority of private bondholders agreed to take part in a voluntary restructuring plan, investors suddenly developed a healthier appetite for risk. The front-month contract was further buoyed by news that oil shipments from Iran are already slowing down, as the country responds to sanctions imposed by the European Union. By the close, April-dated crude tacked on 42 cents, or 0.4%, to finish at $106.58 per barrel.

Gold futures extended their lead to a second straight session, following suit with stocks and oil. A weakening dollar also helped the malleable metal edge closer to the $1,700 mark, as Greece-related optimism gave the euro a boost. Gold for April delivery wrapped up the session by adding $14.80, or 0.9%, to end at $1,698.70 an ounce.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA – 12,907.94) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX – 1,365.91) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP – 2,970.42) - support at 2,400; resistance at 3,000



OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS – MOVERS

STOCKS – EARNINGS

STOCKS – NOTABLE CALL ACTIVITY

STOCKS – NOTABLE PUT ACTIVITY

STOCKS – NEW ANNUAL HIGHS

STOCKS – NEW ANNUAL LOWS

SCHAEFFER'S MARKET POSTURE


At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.


Page 1Page 2

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Partner Center

© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242 Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: service@sir-inc.com

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.

Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.