"We had a nice bounce back after Thursday's bloodbath," noted Schaeffer's Senior Technical Strategist Ryan Detrick. "Although there wasn't any big news on the day, the fact that it was a Friday and we didn't see any big selling ahead of the weekend has to be considered a victory." But try as it may, the Dow Jones Industrial Average (DJI) stayed below breakeven for the week.

Keep reading to see what else was on our radar today:

• Price is truth: Undeniable signs that the pharmaceutical sector is winning.
• Did Goldman Sachs call a bottom for the SPX?
• What is standing in the way of additional upside for small caps?

The Dow Jones Industrial Average (DJI – 12,640.78) reclaimed a portion of the previous session's deficit, climbing 67.2 points, or 0.5%, by the closing bell. All but three of the 30 blue chips ended with wins, as Microsoft (MSFT) and Merck (MRK) led the outperforming majority with gains of 1.9% each. Wal-Mart (WMT) settled with a 0.6% drop, while Caterpillar (CAT) edged fractionally lower. Exxon Mobil (XOM) remained unchanged. For the week, the Dow dipped nearly 1%.

The S&P 500 Index (SPX – 1,335.02) finished in the black today, moving 9.5 points, or 0.7%, higher. With the best performance of its fellow benchmarks, the Nasdaq Composite (COMP – 2,892.42) jumped 33.3 points, or 1.2%. Over the past five sessions, the SPX surrendered 0.6%, while the COMP finished with a 0.7% rise.

The CBOE Market Volatility Index (VIX – 18.11) tripped back below 20 today, and tallied a 9.8% decline by the time the dust settled. The market's fear gauge lopped off 14.2% on the week -- its lowest weekly close since late April.

Today's highlight: "I'll be filling in writing our Monday Morning Outlook this coming week, so be on the lookout for it this weekend," said Detrick. "I discuss why we still think we're making a major bottom, and why higher prices could be in the cards over the coming months."

Turning to today's major market stories...

• Schaeffer's Equities Analyst Bryan Sapp recommends looking to the SPDR S&P Pharmaceuticals ETF (XPH) for potential contrarian plays.
• Can the iShares Russell 2000 Index (IWM) drive past a critical technical roadblock?
• Options traders should be going long on uptrending PetSmart (PETM).
• Onyx Pharmaceuticals (ONXX) and Key Energy Services (KEG) were among the the equities making record-breaking moves today.
• Seattle Genetics (SGEN) saw an uptick in front-month puts.
• Weekly options speculators ramped up their positions on First Solar (FSLR) and Patriot Coal (PCX).
• Put players aren't deterred by Dean Foods' (DF) recent technical prowess.
• Analysts weighed in on Internet giants Facebook (FB) and Google (GOOG).
• Schaeffer's columnist Adam Warner detailed the VIX and summertime market volatility.

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