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Crude-oil futures tallied a second day of losses, slipping even deeper below the century mark. Both easing tensions surrounding an Iranian oil embargo and the anxieties brought on by potential debt downgrades for EU members were a drag on the commodity. The euro suffered in the process, buoying the dollar and firming a defeat for black gold. By the close, February-dated crude dipped 40 cents, or 0.6%, to $98.70 a barrel. For the week, crude is down 2.8%.

Likewise, gold futures halted their three-day win streak today. As the possibility for ratings cuts loomed, investors shied away from the euro and headed toward the reinforced greenback. Against this backdrop, gold for February delivery dropped $16.90, or 1.03%, to settle at $1,630.80 an ounce. However, the commodity ended the week 0.9% higher, and has added about 4% so far this year.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA – 12,422.06) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX – 1,289.09) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP – 2,710.67) - 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.



OUTPERFORMING AND UNDERPERFORMING SECTORS

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SCHAEFFER'S MARKET POSTURE

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