"The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) dropped for the fifth day in a row, tying the longest losing streak this year, which was set back in September," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "With the monthly payroll data due out tomorrow morning, traders maintained a rather cautious outlook ahead of the widely anticipated report. The media will claim the drop was due to better-than-expected gross domestic product stats and weekly jobless claims. The thinking is that better economic data is bad, because it means the Fed will taper sooner. Well, the other side to that argument is that the SPX has been up eight weeks in a row, and some selling is more than acceptable."
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The Dow Jones Industrial Average (DJI - 15,821.51) stumbled right out of the gate, and ended up shedding 68.3 points, or 0.4%, by the end of the session. Intel Corporation (NASDAQ:INTC) led the Dow's 10 advancing blue chips with a gain of 2.2%, while sector peer Microsoft Corporation (NASDAQ:MSFT) paced the 20 decliners with a loss of 2.4%. JPMorgan Chase & Co. (NYSE:JPM) also surrendered 2.4% on the day.
The S&P 500 Index (SPX - 1,785.03) also faltered at the opening bell, and lost 7.8 points, or 0.4%, by the close. Meanwhile, the Nasdaq Composite (COMP - 4,033.16) shed 4.8 points, or 0.1%, on the day.
Elsewhere, the CBOE Volatility Index (VIX - 15.08) ended the session 0.4 point, or 2.6%, higher, marking its loftiest close since mid-October.
A Trader's Take:
"As I said above, the economic data was pretty good," reiterated Detrick. "Now the big one, the monthly jobs numbers, comes out tomorrow. I still say I'd rather see better-than-expected economic data and get this tapering started. Nevertheless, be ready for a good deal of volatility in all asset classes tomorrow. Good luck."
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5 Stocks We Were Watching Today:
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