The week ends on a high note as the Dow Jones Industrial Average (DJIA) posts a gain of nearly 200 points. This allowed the blue chip barometer to essentially close the week flat. The S&P 500 (SPX) was also relatively unchanged on the week. The Nasdaq Composite (COMP) and Russell 2000 (RUT) posted big gains today but still posted losses 1.5% and 2.0% when compared to last Friday.
A look to today's sector action shows the same "commodity-corner-line-in-the-sand" theme that has been in place recently. The US Oil Fund (USO) was hammered and most oil-related stocks were down. The PowerShares Clean Energy ETF (PBW) bucked the selling, however, and posted a gain. The Amex Gold Bugs Index (HUI) lost nearly 3% today but still finished the week with a gain of 8%. Financials led the action.
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1292.2 |
14.5 points |
1.13 percent |
| Dow Jones Industrial Average (DJIA) |
11628.1 |
198 points |
1.73 percent |
| Nasdaq Composite (COMP) |
2414.7 |
34.3 points |
1.44 percent |
| Russell 2000 (RUT) |
737.6 |
12.4 points |
1.70 percent |
| CBOE Market Volatility Index (VIX) |
18.81 |
-1.01 points |
-5.1 percent |
As far as my overall thoughts go, they are still (of course) focused on the daily charts of the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA). With today's pop, the SPX is bouncing off support while the DJIA is now back in a position to re-challenge resistance. I would consider a Dow breakout to be an encouraging sign for the market so that is what I will be watching come Monday. So, until then...have a great weekend!
Chart Courtesy of Thomson Financial
Chart Courtesy of Thomson Financial
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