"After the S&P 500 Index (SPX) gained more than 1% in three of the past four days, the markets rested today," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "It was a rather dull day, but after the run we've been on, that isn't bad. A rest versus a big drop is healthy." The Dow Jones Industrial Average (DJI) peeked into positive territory early on, but settled with a modest loss at the closing bell.
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After another valiant attempt to topple 16,000 -- hitting 16,036.56 in early trading -- the Dow Jones Industrial Average (DJI - 15,963.94) settled 30.8 points, or 0.2%, lower. Caterpillar Inc.'s (NYSE:CAT) 1.3% increase led the 16 Dow advancers, while The Procter & Gamble Company (NYSE:PG) dropped 1.7%, pacing the 14 laggards.
The S&P 500 Index (SPX - 1,819.27) was little changed, settling with a loss of 0.5 point, or 0.03%. The Nasdaq Composite (COMP - 4,201.29) outperformed its peers, gaining 10.2 points, or 0.2%, on the day.
The CBOE Volatility Index (VIX - 14.30) also fell, giving back 0.2 point, or 1.5%.
A Trader's Take:
"Historically -- in terms of the markets --- the second year of the Presidential cycle has a rough January and bottoms in late January or early February," added Detrick. "Considering this is the second year of the cycle, it is rather intriguing how well this year is playing out, based on history."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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