The day ends on a rather ugly note as selling pressure dominated. Earlier we saw that the Nasdaq Composite (COMP) was the strongest of the broad market indices. That fact held true into the close, but the COMP still lost nearly 1%. The Dow Jones Industrial Average (DJIA) was the weakest with a loss of more than 220 points, or 1.9%.
The Semiconductor HOLDRS (SMH) sold off from its highs but still finished with a gain and maintained its distinction as the strongest sector. The iShares Treasury Bond (TLT) and US Oil Fund (USO) also gained ground. The Broker/Dealer Index (XBD), Regional Bank HOLDRS (RKH), and Amex Biotech Index (BTK) were the weakest groups.
I ended yesterday's session by noting that the S&P 500 (SPX) was flirting with resistance. While today's session may have ended on an ugly note, the overall view hasn't changed. The SPX is still showing a series of higher lows. Ditto for the Dow. An ugly day tomorrow could change that so that is where I will pick up tomorrow morning. Have a nice evening...
Chart Courtesy of Thomson Financial
Chart Courtesy of Thomson Financial
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
1266.1 |
-23.1 points |
-1.79 percent |
| Dow Jones Industrial Average (DJIA) |
11431.4 |
-225 points |
-1.93 percent |
| Nasdaq Composite (COMP) |
2355.7 |
-22.6 points |
-0.95 percent |
| Russell 2000 (RUT) |
713.4 |
-12.5 points |
-1.72 percent |
| CBOE Market Volatility Index (VIX) |
21.15 |
0.92 points |
4.6 percent |
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