"It was a very slow day, without a lot of big news," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "We will have hundreds of earnings and a Fed meeting later this week, though," he added, "so expect more volatility to come soon." In today's trading, the Dow Jones Industrial Average (DJI) pegged another new multi-year high out of the gate but spent much of the day slightly below breakeven, ultimately closing with a slight loss.
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The Dow Jones Industrial Average (DJI) wasn't able to muster a seventh consecutive up day, despite notching a new multi-year peak of 13,915.72 in early trading. At the closing bell, the blue-chip index was off 14 points, or 0.1%. Leading the dozen Dow names that moved higher today was Caterpillar (NYSE:CAT), which rose nearly 2% after its earnings report. Bringing up the rear was Alcoa (NYSE:AA), which closed with a 1.4% loss.
The S&P 500 Index (SPX) spent the majority of the session trading below the breakeven mark but closed little changed, down 2.8 points or 0.2%, to stay (narrowly) atop the 1,500 mark. The Nasdaq Composite (COMP) outperformed thanks to strength in some of its major components; the index closed 4.6 points higher, up 0.2%.
The CBOE Market Volatility Index (VIX) gained 5.3% on the day, as investors anticipated a week chock-full of news. After hitting an intraday peak of 13.91, the VIX closed up 0.7 point.
A Trader's Take:
"When you consider how supposedly overbought the market is here, not to have much of a pullback on a slow news day is rather impressive," observed Detrick. "We saw mixed news today on the economic front, with strong durable-goods data but lackluster pending housing sales numbers. Still," he continued, "Caterpillar (NYSE:CAT) reported earnings and had some positive things to say regarding demand for the second half of 2013. Right now, it is all about outlooks, and hopefully CAT has started a trend that we'll see throughout earnings season."
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