Market Recap: Commodities Rally, Indices Hold Support

The Dow and S&P 500 were able to close above their 50-day moving averages for the second consecutive session, calming fears of a major market sell-off on the horizon.

The Dow closed up 19 points (+0.1%) and the S&P 500 gained 7 points (0.5%).

The leading sectors were the commodity- related stocks. The iShares Natural Resources ETF (IGE) closed up 1.2%, the SPDRs Energy ETF (XLE) up 1.1%, and the Market Vectors Gold Miners ETF (GDX) up 1.4%.

Gold was able to rally as well with the SPDR Gold ETF (GLD) up 1.8%, logging its fifth consecutive up session after the thrashing last Monday. Even though the winning streak is at five, GLD has only recouped half of Monday's loss. We continue to look for a potential exit point for Gold and made the correct decision not to panic on Monday with the majority of helpless investors. GLD is up 5% from the close on Monday.

Other Notable Movers Today:

• USB E-Tracs Business Development Companies ETF (BDCS) - Up 1.7% after a mention in Barron's over the weekend comparing them to junk bonds and favoring BDCs.
• Intel (INTC) - Up 2.0% today to close at the best level since late September 2012. The breakout with a dividend over 4%, the stock is an interesting investment to watch.
• Biogen Idec (BIIB) - Up 5.9% to a new all-time high. The stock and its peers have pushed the entire biotech sector to the best levels ever.