Market Snapshot for October 13, 2011 (7:50 a.m. ET):
· Closing Prices: DOW 11,478.13 (-40.72, -0.35%), S&P 500 1,203.66 (-3.59, -0.3%), NASDAQ 2,620.24 (+15.51, +0.6%), Nikkei 225 8,823.25 (-, -), DAX 5,914.84 (-79.63, -1.33%), FTSE 5,403.38 (-38.42, -0.71%)
· OIL 84.13, GOLD 1,668.00, SILVER 31.795
· EURO 1.3764, YEN 76.88, BRITISH POUND 1.5754, U.S. DOLLAR INDEX 77.285
Tech Shares Lead While Financials Struggle
Thursday's trade was mixed as earnings season started to heat up. The market has been on a roar for a week and a half and has been pushing hard to hit the next daily resistance in the S&P 500 ($SPX) and Dow Jones Ind. Average ($DJI) at 100-day moving averages, but the slowdown we were looking for emerged on Thursday thanks to a larger price correction off Wednesday's highs compared to other corrections within this daily recovery. As with many pullbacks, the correction was two-fold. It began with a sharp decline into the close on Wednesday, but after consolidating afterhours the secondary pullback was much more gradual into early morning trade on Thursday. In index futures slid down 15 minute 20 period moving average resistance, keeping things alive for the bulls heading into Thursday's opening bell.
Dow Jones Industrial Average