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Dow Jones Industrial Average Dips as Traders Remain Wary

The DJI settled slightly lower, as volume on the major stock exchanges stayed quiet

by 8/12/2014 4:19:16 PM
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Today was a slow grind lower for the Dow Jones Industrial Average (DJI), with volume once again arriving well below the norm. A steep drop in Germany's business sentiment index set a downbeat tone out of the gate, and traders kept a cautious eye trained on the continuing conflicts in Ukraine and Iraq. Against this backdrop, the major equity indexes ended the day with minor losses.

Continue reading for more on today's market, including:

Trading Topic of the Week -- Tips for Short-Term Trading: Check the charts for key support and resistance levels. Your time frame may be brief, but don't neglect those long-term charts -- or you could overlook a key stumbling block for the underlying stock.

The Dow Jones Industrial Average (DJI - 16,560.54) couldn't quite find its footing above breakeven, ending the day on a drop of 9.4 points, or 0.06%. Sixteen of the Dow's 30 components closed in the red, led by a downgrade-induced decline of 0.8% for United Technologies Corporation (NYSE:UTX). On the flip side, Microsoft Corporation (NASDAQ:MSFT) and DuPont (NYSE:DD) paced the 14 gainers by adding 0.7% apiece.

The S&P 500 Index (SPX - 1,933.75) gave up 3.2 points, or 0.2%, while the Nasdaq Composite (COMP - 4,389.25) shed 12.1 points, or 0.3%.

The CBOE Volatility Index (VIX - 14.13) spent time on both sides of breakeven, but ultimately closed on a deficit of 0.1 point, or 0.7%. It was the VIX's second straight daily close beneath its 10-day moving average.



5 Items on Our Radar Today:

  1. Job openings rose to a 13-year peak of 4.7 million in June, according to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS). A total of 4.8 million workers were hired during the month, while 2.53 million laborers quit their jobs -- a fresh six-year high for that metric. (The Wall Street Journal)
  2. In a report today, Fitch Ratings warned that Apple Inc. (NASDAQ:AAPL) could lose a chunk of its smartphone market share, as the iPhone parent faces increasingly stiff competition from lower-priced rivals in key emerging markets. Plus, any new features on the forthcoming iPhone 6 "are likely to be incremental rather than revolutionary," noted Fitch. (CNBC)
  3. El Pollo Loco Holdings Inc (NASDAQ:LOCO) turned south as short sellers rushed to bet on a pullback.
  4. One skeptical speculator is looking for Cisco Systems, Inc. (NASDAQ:CSCO) to stay pinned below the $28 level through November expiration.
  5. Option bulls expect Bank of America Corp (NYSE:BAC) to break out of its trading range during the next month.

For a look at today's options movers and commodities activity, head to page 2.

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