Indexes closed lower Wednesday, masking a terrific day for transportation and small-cap stocks.
X The Dow Jones industrial average fell 0.1%, as Intel (INTC) cleared the 47.40 buy point of a cup-without-handle base. But volume was limp and the pattern had a steep right side — two factors against it.
The S&P 500 also fell 0.1% and the Nasdaq composite eased only a fraction as it pared losses.
Market volume fell, according to early data. Trade has slowed each day so far this week, which is not so unusual as the market prepares for the holiday break. Advancers led decliners by a small margin across the board.
The Russell 2000 rose 0.3% as small caps outperformed. The Dow transports rallied 0.9% to a new high, and the sector saw some breakouts.
Fiat Chrysler (FCAU) rose above the 18.43 buy point of a flat base in heavy trading, but closed a bit below it. Volume was about 50% more than average. The company is in settlement talks with the U.S. Justice Department over the company's emissions violations, Reuters reported.
Spartan Motors (SPAR) broke out past the 16.95 entry of a cup-with-handle base in active trading. The maker of fire trucks and other emergency vehicles posted a 110% surge in EPS in the third quarter and has a 95 Composite Rating from IBD.
Air freight, airline, shipping, transportation equipment and auto parts industry groups rose 1% to 2% in today's market. Energy and metals also outperformed, while some software, health care and utility groups were among the weakest groups.
In the energy sector, Diamondback Energy (FANG) broke out of a flat base in heavy trading. The Midland, Texas-based oil exploration and production company is in buy range. Diamondback has sharply improved its profits, which have surged in the past five quarters. Diamondback is now a member of IBD Leaderboard.
On the downside, Riot Blockchain (RIOT) slid 6% as it cools from a surge spanning over the past month. The company is one of several related to Bitcoin that have been quite volatile. Bitcoin prices tumbled for a second straight day Wednesday.
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