"Some history was made today, as the Dow Jones Industrial Average (DJI) dropped for its fourth straight day," pointed out Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "This was the first time this calendar year that has happened, with the Dow making it clear to 158 days before seeing four consecutive drops. This was the longest streak to start off a year since 143 days in 1954. In the end, it was more of the same, as worries over higher rates pushed the market lower." On that note, the blue-chip barometer finished solidly south of breakeven.
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The Dow Jones Industrial Average (DJI - 15,010.74) was docked in negative territory for most of the session, and ended up shedding 70.7 points, or 0.5%, on the day -- closing just slightly above its intraday low of 15,005.42. The Dow's six advancers were led by Intel's (NASDAQ:INTC) analyst-induced gain of 1.7%, while JPMorgan Chase (NYSE:JPM) paced the 23 decliners with a loss of 2.7%. Cisco Systems (NASDAQ:CSCO) remained unchanged.
The S&P 500 Index (SPX - 1,646.06) suffered a similar fate, finishing a hair north of its session low of 1,645.84, and losing 9.8 points, or 0.6%, by the close. Meanwhile, the Nasdaq Composite (COMP - 3,589.09) dropped 13.7 points, or 0.4%.
Conversely, the CBOE Market Volatility Index (VIX - 15.10) settled just south of its intraday high of 15.20, gaining 0.7 point, or 5.1%, for the session.
A Trader's Take:
"There wasn't much news, but the big action to me is in housing stocks," said Detrick. "Once again, they were hit hard, as rates keep moving higher. What is interesting here is that most of the housing data we've seen this year has been positive, yet housing stocks have lagged. In fact, housing is one group we've seen a lot of optimism on this year, compared to the previous skeptical attitude from the past few years. Of course, that was when housing was one of the strongest sectors...Funny how that works, huh?"
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