The day started with a bout of selling but the S&P 500 (SPX) was able to finish with a gain. A look to the sector action shows that only the Amex Biotech Index (BTK), iShares Treasury Bond (TLT), and AMEX Pharmaceutical Index (DRG) and didn't participate in the buying. The early action showed commodity corner was strong and that held into the close with oil-related stocks the leaders.
As far as my overall thoughts, they are inline with what I said last night. The S&P 500 (SPX) is still above the former resistance zone which should now be expected to serve as 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) |
1418.3 |
10.8 points |
0.77 percent |
| Dow Jones Industrial Average (DJIA) |
13020.8 |
51 points |
0.40 percent |
| Nasdaq Composite (COMP) |
2483.3 |
19.2 points |
0.78 percent |
| Russell 2000 (RUT) |
729.8 |
5.4 points |
0.75 percent |
| CBOE Market Volatility Index (VIX) |
18.21 |
-0.69 points |
-3.7 percent |
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