The day ends in somewhat opposite fashion to yesterday. Instead of late-day selling that takes the Dow Jones Industrial Average (DJIA) back to the lows, we have late-day buying that leaves us (somewhat) close to the highs. However, note the table below that shows the Dow is a bit of an aberration. While it gained over 150 points, its 1.8% gain far outpaced the other indices. The S&P 500 (SPX) gained roughly half of that amount while the Nasdaq Composite (COMP) was flat and the Russell 2000 (RUT) lost .8%.
Digging into the sector action shows just how hit or miss the day was. We have pockets of weakness in the Semiconductor HOLDRS (SMH), Broker/Dealer Index (XBD), PowerShares Clean Energy ETF (PBW), and Amex Gold Bugs Index (HUI). We have strength in the Dow Jones Industrial Average (DJIA), AMEX Pharmaceutical Index (DRG), Oil & Gas Index (XOI), and Oil Service HOLDRS (OIH). The rest of the pack mulled around breakeven.
The mixed action leaves me a with a somewhat murky view of the day. Furthermore, the lack of a widespread rally means the broad market indices are still precariously perched on support. And that is where I will pick up in the morning. Have a nice evening...
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
859.1 |
8.4 points |
0.98 percent |
| Dow Jones Industrial Average (DJIA) |
8424.8 |
151 points |
1.83 percent |
| Nasdaq Composite (COMP) |
1483.3 |
1.2 points |
0.08 percent |
| Russell 2000 (RUT) |
447.5 |
-3.8 points |
-0.84 percent |
| CBOE Market Volatility Index (VIX) |
67.64 |
-1.51 points |
-2.2 percent |
Charts Courtesy of Thomson Financial
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