"While the S&P 500 Index (SPX) edged modestly higher today, the Dow Jones Industrial Average (DJI) sold off into the close, extending its losing streak to five days," said Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "This is nothing more than an oversold bounce at this point. The bears have taken control during the historically bearish month of August, and today did little to change that." Ahead of tomorrow's release of the latest Federal Open Market Committee (FOMC) meeting minutes, the major averages finished mixed, with the Dow hovering just above the 15,000 mark.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,002.99) sank to an intraday low of 14,992.16 -- its first violation of the 15,000 level since July 5 -- within the first 30 minutes of the session. Despite reversing course later in the day, the blue-chip index still ended up closing 7.8 points, or 0.1%, lower. Intel (NASDAQ:INTC) led the Dow's 14 advancers with a gain of 1.1%, while Home Depot (NYSE:HD) paced the 15 laggards with a loss of 1.2%. DuPont (NYSE:DD) remained unchanged.
The S&P 500 Index (SPX - 1,652.35) also spent some time south of breakeven this morning, but managed to finish with a gain of 6.3 points, or 0.4%. Meanwhile, the Nasdaq Composite (COMP - 3,613.59) added 24.5 points, or 0.7%.
The CBOE Market Volatility Index (VIX - 14.91) fell to a session low of 14.29 earlier this afternoon, but narrowed its daily loss to 0.2 point, or 1.3%, by the closing bell.
A Trader's Take:
"Some strong earnings out of the retail sector sparked today's bounce," noted Detrick. "Last week's earnings from Cisco Systems (NASDAQ:CSCO) and Wal-Mart (NYSE:WMT) prompted the big 200-plus-point drop last Thursday, so some positive news on the retail front was a nice change. Still, tomorrow is the release of the Fed minutes, and any chance to get into Ben Bernanke's head will be greeted with much hoopla and a lot of excitement. Are they tapering? Aren't they tapering? Tune in tomorrow for the answers, or potentially just more questions."
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.
9 Levels to Watch for Apple Inc.
Featured Partners: AOL DailyFinance
© 2013 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: email@example.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.