9:00am (EST)
The market finished flat after a rocky start as the bears pushed the major indexes lower by 1% on Monday’s open. Like last week, the market rebounded once the European markets closed as we were near even when Wall Street took its lunch break. Following a slight push towards resistance, the bulls were unable to hold their advance but they did take manage to win 2-out-of-3 battles.
The Dow fell a little over a point to finish at 12,981 after testing a low of 12,882. We have been mentioning support is trying to move up to 12,900, from 12,800 and the blue-chips reached a high of 13,027 before fading.
The S&P gained 2 points to end at 1,367 after touching a bottom of 1,354. The bulls stepped in as 1,350 held and were able to make a charge up to 1,371.92 but fell just short of our 1,375-1,400 fluff targets. The S&P hasn’t fallen more than 1% in more than 39 days and it’s been an exciting streak to watch. Of course, we hope we didn’t just jinx things with those comments but it shows just how powerful support has been.
The Nasdaq advanced nearly 3 points to settle at 2,966 after kissing another 52-week high of 2,976. Tech traded down to 2,933 to start Monday’s session but stayed above 2,900 as the bulls continue their attack on Nasdaq 3,000.
The S&P Volatility Index ($VIX, 18.18, up 0.75) jumped 5% and traded up to 19.25 but stayed below 20. Oil fell $2.04 to close at $107.73 a barrel while Gold slipped $8.70 and went out at $1,767.70 an ounce.
As far as stocks on the move today, look for some action in these names as all of them will be reporting earnings. Some are doing so as we type, other after the close: Carrizo Oil & Gas (CRZO, $27.62, down $0.15), Dreamworks Animation (DWA, $19.25, down $0.20), Fresh Del Monte Produce (FDP, $24.98, down $0.15), Rosetta Resources (ROSE, $52.38, down $0.40), Scientific Games (SGMS, $12.07, down $0.02), ViroPharma (VPHM, $31.70, down $0.04), Vitamin Shoppe (VSI, $44.71, down $1.56)
We do have story for you today on Priceline.com (PCLN, $591.54, up $1.13) which was up big-time in after-hours last night. The stock is well above 6 bills ($600) and has come a long way since its 1-for-6 reverse stock-split 10 years ago. Can anybody guess what shares were going for on June 13, 2003? Check back at 1pm.
We have a lot to cover inside our Members Area so we will leave it on that note. Subscribers, check the Members Area for the updates.
