9:00am (EST)
The market traded in another tight range on Thursday following the haymakers that were thrown during Wednesday’s session. Despite the panic displayed by many of the talking heads and Wall Street pros this week who have called for a lower market, the bulls come into today’s session with a slight lead for the week. Although the blue-chips are flat, the Nasdaq and S&P are showing decent gains.
The Russell 2000, which we cover in our Weekly Wrap and on Monday mornings, is worrying us a little and is down for the week but we are keeping an eye on this as well. The S&P Volatility Index (VIX, 17.26, down 1.17) dropped like a rock, falling 6%, which favors the bulls. Today’s action could determine the winner because it is still close so let’s go see where we are at and what the bears need to do.
The Dow gained 23 points, or 0.2%, to finish at 12,980. The blue-chips traded up to 13,032 in the AM but fell to a low of 12,943 in the final hour of trading before rebounding. The index is up 2 points for the week as the bulls and bears have each won 2 sessions apiece.
The S&P jumped 8 points, or 0.6%, to settle at 1,374. The index clipped 1,376 at the open and faded but held positive territory all day long. The bulls have won 3 sessions this week and we would love to see a close above 1,380 but will settle for 1,375. A close below 1,365 would give the bears the win for the week.
The Nasdaq popped double-deuces (22 points), or 0.7%, to end at 2,989. Tech continues to dance with our 3,000 fluff target and kissed a high of 2,996. Although the index didn’t crack 3K, it is still up 26 ticks for the week which is almost 1%.
The Russell 2000 added 4 points, or 0.5%, to close at 815. The index traded up to 824 but continues to struggle with the 830 level. The index needs to gain a dozen points to finish in positive territory for the week.
We’ve been able to close a few more call option trades this week for some decent gains so let’s go see where we’re at. Subscribers, check the Members Area for the updates.
