The Dow Jones Industrial Average (DJI) endured some wishy-washy action today, but the net result was very slight as the closing bell sounded. "There's an old saying that you never short a dull market, well, this is about as dull a market as you'll ever find," suggested Schaeffer's Senior Technical Strategist Ryan Detrick. "At the same time, I continue to think the market is simply catching its breath before it surges higher. Markets can correct in price or in time. Well, this one sure isn't correcting in price, and for this reason, the recent sideways action can be seen as a correction in time. All in all, though, things still look good."
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 13,164.78) stood on either side of breakeven today, but ultimately turned lower for the day, giving back 7.4 points, or roughly 0.1%. Yet, the Dow still racked up an eighth consecutive settlement atop 13,100. Sixteen of the 30 blue chips solidified wins today, as Bank of America Corp (NYSE:BAC) paced the outperformers with a 1.2% rise. Intel Corporation (NASDAQ:INTC) and Merck & Co., Inc. (NYSE:MRK) led the 14 laggards with losses of 0.8% apiece.
On the other hand, the S&P 500 Index (SPX – 1,405.53) and Nasdaq Composite (COMP – 3,030.93) climbed into the green today. While the SPX inched up by 1.6 points, or 0.1%, the tech-rich COMP jumped nearly 14 points, or 0.5%, enjoying the best performance of its fellow benchmarks.
The CBOE Market Volatility Index (VIX – 14.63) dipped 1.5% today, and found a perch just above its session low of 14.36. The VIX has now closed below the 15 mark for four straight days.
Today's highlight: "The key to today's market can be found on the beaches of the East Coast. That's because that's where all of Wall Street is right now," smiled Detrick. "We had another extremely low-volume day, with very little movement. Not much more to say other than this is what usually happens in August. Don't worry, it'll end soon enough."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to page 2.
Mid-Caps Nearing a Triple of March 2009 Lows
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: firstname.lastname@example.org
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.