- Daily Wrap-up - A 680-Point Range and 445-Point Loss for the Dow Jones Industrial Average - Blogs

Another very disappointing day for the market. Like yesterday, we find the tape hit by late-day selling. Despite rallying to a midday gain of 190 points, the Dow Jones Industrial Average (DJIA) closes with a loss of 445 points. This leaves us with a large loss and a large low-to-high range of 680 points.

As you might expect, given the numbers above, the sector view is firmly skewed to the downside. The only gainers were gold and bonds. The iShares Treasury Bond (TLT) exploded higher as it hit a new all-time high and surged a staggering 5%. The Amex Gold Bugs Index (HUI) mulled around breakeven. The rest of the pack was lower with losses at 3%. The Oil Service HOLDRS (OIH) and Natural Gas Index (XNG) were hardest hit as each lost 15%.

I ended yesterday by noting that the S&P 500 (SPX), Nasdaq Composite (COMP) and Russell 2000 (RUT) had dipped below their recent lows. With today's selloff, the Dow Jones Industrial Average (DJIA) joins them. The indices are starting to push into oversold readings but will now face a headwind. Those formers lows, which had been acting as support, will now be resistance levels. And that, unfortunately for a second day in a row, is where I will pick up in the morning. Have a nice evening...