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Market Recap: DJIA Bounces Back as European Debt Distress Eases

A solid earnings showing from CSCO also bolstered the blue chips

by 11/10/2011 4:25:59 PM
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Crude futures bounced back with a vengeance today, rebounding to a three-month high on what appears to be a delayed reaction to yesterday's inventories report. Furthermore, a weaker greenback translated into a boon for black gold, luring foreign-currency holders to the dollar-denominated asset. By the close, December-dated oil added $2.04, or 2.1%, to end at $97.80 per barrel.

Gold futures, on the other hand, extended their downtrend to three straight days, marking the malleable metal's longest losing streak in almost a month. A rebound in the equities market weighed on gold, as traders shunned "safe havens" in favor of riskier assets like stocks. Against this backdrop, gold for December delivery gave up $32, or 1.8%, to finish at $1,759.60 an ounce.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA – 11,893.86) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX – 1,239.70) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP – 2,625.15) - support at 2,100; resistance at 2,900

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



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