Market Recap

Dow Adds Triple Digits on Election Day

Stocks and commodities scored solid gains

by 11/6/2012 4:13:34 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (DJI) spent the session comfortably higher, notching a triple-digit victory by the closing bell. "Although volume has been relatively light, we enjoyed a pretty nice Election Day rally," said Schaeffer's Senior Equity Analyst Joe Bell. "This reminds me of four years ago, when we also had a strong, positive move on Election Day. Overall, we're seeing a lot of strength from crude oil, gold, and other commodities, especially as the dollar displayed quite a bit of weakness."

Chart of the Day: Schaeffer's Senior Options Strategist Tony Venosa, CMT, explains why TASER International (NASDAQ:TASR) could have more contrarian fuel in the tank.

Daily Game Plan: Schaeffer's Senior Trading Analyst Bryan Sapp suggests the markets could be pricing in an Obama victory.

And now, a look at the numbers...



The Dow blazed a trail higher right out of the gate today, topping out at 13,290.75 around midday. The bullish momentum waned just slightly in the final hour of trading, though, with the blue-chip barometer paring its lead. Today marks just the second close north of 13,200 since Oct. 22 for the Dow.

The S&P 500 Index (SPX) also spent the day in the black, ending north of its 20-day moving average for the first time since Oct. 18. Meanwhile, the Nasdaq Composite (COMP) ended with a slimmer victory, but retook its perch atop the 3,000 marker.

The CBOE Market Volatility Index (VIX) pared a portion of Monday's gains, surrendering roughly 4% to end back beneath its 200-day trendline.

Today's highlight: "We can try to focus on the stock market all we want, but today is all about politics and one of the most anticipated -- and close -- presidential elections in years," said Bell. "There's a lot of uncertainty surrounding this event, but this day only comes around every four years. All eyes will be glued to the television tonight."

More of today's big stories:

And, in case you missed it ... Our own Bernie Schaeffer offered his two cents on the short-term prospects of the SPDR S&P 500 ETF Trust (SPY).

For today's activity in commodities, options, and more, head to page 2.

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