"Concerns over Ukraine and Russia came back strong, and were cited as the reason for today's big drop," reported Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Amazon.com, Inc. (NASDAQ:AMZN) didn't help, as its outlook left a lot to be desired. Bigger picture, the chop continues. Coming into this week, the S&P 500 Index (SPX) -- in terms of its weekly price action -- was up/down/up/down/up/down/up ... and finished moderately down today. The reality is the high-flying momentum names continue to drop significantly, while most other stocks keep chopping around in a very frustrating fashion." Meanwhile, the Dow Jones Industrial Average (DJI) was down nearly 170 points at its intraday nadir, and finished 140 points lower, ending the week in negative territory.
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The Dow Jones Industrial Average (DJI - 16,361.46) spent Friday in the red, hitting its lowest point in mid-afternoon trading before closing with a 140.2 point, or 0.9%, drop. For the week, the blue-chip index lost 0.3%. Eight Dow names managed to gain ground today, led by McDonald's Corporation (NYSE:MCD), which rose 0.9%. Pacing the declining majority was Visa Inc (NYSE:V), which dropped 5% amid concerns that sanctions against Russia could impact the credit card giant's bottom line.
The S&P 500 Index (SPX - 1,863.40) also fell, losing 15.2 points, or 0.8%, on the day, and closing the week off less than 0.1%. The Nasdaq Composite (COMP - 4,075.56) fared the worst of its index peers, shedding 72.8 points, or 1.8%, to bring its weekly deficit to 0.5%.
The CBOE Volatility Index (VIX - 14.06) closed back above the 14 level for the first time since April 16, rising 0.7 point, or 5.6%, on the day. This week, the market's "fear gauge" added 5.2%.
A Trader's Take:
"The reality is, next week is still earnings season, but all of that can quickly take a backseat to what is happening in Ukraine and Russia," noted Detrick. "Earnings season has been impressive thus far, but there's an old saying that 'news trumps charts,' and news out of Russia could create a good deal of volatility by the time we get back to our desks Monday morning. Fasten your seat belts."
5 Items on Our Radar Today:
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The Case for Big Moves in IWM and QQQ
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