Earlier I said I thought that a reversal from the opening lows followed by a positive close would be at least a mildly encouraging sign. The Dow Jones Industrial Average (DJIA) succeeded on that front as it gained 1% on the day. However, the S&P 500 (SPX), Nasdaq Composite (COMP) and Russell 2000 (RUT) were only able to hold near breakeven.

The sector action was decidedly mixed. The Regional Bank HOLDRS (RKH) gained more than 3% while PowerShares Clean Energy ETF (PBW), Oil Service HOLDRS (OIH) and Natural Gas Index (XNG) each lost 3%. A few groups, such as the Semiconductor HOLDRS (SMH), Amex Biotech Index (BTK), and SPDR Homebuilders (XHB), gained 1%. A number of groups were flat. All in all, it was mixed day.

Chart Courtesy of Thomson Financial

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Despite all that happened, I would almost say this was sort of a "nothing" week. Compared to last Friday's close, the broad market indices lost anywhere from 2% (the DJIA) to 6% (the RUT). However, a look to the daily charts below show the indices are still above their recent lows. So - we did have a down week but we didn't break any meaningful levels. It feels like traders are somewhat hesitant to take a stand right now. Given the situation in financials, I guess that is understandable. As the old saying goes, the market hates uncertainty. Perhaps this weekend will bring some clarity and allow some confidence to return. And that is where I will pick up on Monday. Have a great weekend!

Chart Courtesy of Thomson Financial

Chart Courtesy of Thomson Financial

Chart Courtesy of Thomson Financial

Chart Courtesy of Thomson Financial