"What a wild day," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "It was calm until the Fed minutes came out, and then it was a wild ride. In the end, the bears took control, and the Dow Jones Industrial Average (DJI) finished lower for a sixth straight day. You can dissect the Fed minutes all you want, but the reality is that August and September are historically troublesome months, and so far, that trend is playing out." By the time the dust settled, the Dow had suffered a triple-digit drop.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 14,897.55) touched an intraday low of 14,880.84, and then rose to a session high of 15,019.70 in the span of less than an hour this afternoon. By the close, however, the blue-chip barometer was back in negative territory to finish 105.4 points, or 0.7%, lower. Wal-Mart (NYSE:WMT) led the Dow's three advancers with a gain of 0.4%, while Alcoa's (NYSE:AA) 2% drop paced the 27 decliners.
The S&P 500 Index (SPX - 1,642.80) mimicked the path of its blue-chip brethren today, and ended with a loss of 9.6 points, or 0.6%. Meanwhile, the Nasdaq Composite (COMP - 3,599.79) fell 13.8 points, or 0.4%.
The CBOE Market Volatility Index (VIX - 15.94) experienced some rollercoaster movement of its own, but closed with an advance of 1 point, or 6.9%. The "fear gauge" is on pace to finish a second consecutive week atop its 20-week moving average.
A Trader's Take:
"What is interesting is that, under the surface, there are many leading stocks holding up well," commented Detrick. "Names like Yelp (NYSE:YELP), Green Mountain Coffee Roasters (NASDAQ:GMCR), and 3D Systems (NYSE:DDD) all held up in the face of the selling. Still, it is tough out there, and surging yields are scaring both bond and stock bulls alike."
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
For a look at today's options movers and commodities activity, head to page 2.
Recent XIV Action May Bode Well for Bulls
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