"We definitely had a lot of volatility throughout the day and a mix of price action," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT, of a trading day where the Dow Jones Industrial Average (DJI) explored a 128-point range but managed to stay in positive territory for the entire session. "But by the end of the session, the bulls gained traction and most of the major indexes finished in the green. Bigger picture, the market continues to be stuck in a volatile trading range after reaching new all-time highs back in early March."
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The Dow Jones Industrial Average (DJI - 16,367.88) made headway today, adding 91.2 points, or 0.6%. Twenty-one of the Dow's 30 components moved higher, paced by International Business Machines Corp. (NYSE:IBM) and Cisco Systems, Inc. (NASDAQ:CSCO), both of which rose 3.6%. At the back of the pack was Nike Inc (NYSE:NKE), down 1.6% today.
The S&P 500 Index (SPX - 1,865.62) made some brief stops in negative territory during Tuesday's session, but ultimately closed up 8.2 points, or 0.4%. Yesterday's laggard, the Nasdaq Composite (COMP - 4,234.27), posted a minor gain of 7.9 points, or 0.2%, in today's action.
The CBOE Volatility Index (VIX - 14.02) took a tumble as stocks bounced back from Monday's decline. The "fear barometer" settled the day with a loss of 1.1 points, or 7.1%.
A Trader's Take:
"Despite the midday selling, the major indexes were able to hold their March lows and withstand the selling pressure once again," noted Bell. "There has been a lot of rotation between sectors recently, as small-caps and mid-caps continue to lag."
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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