The bulls made a half-hearted attempt into the close (or the bears merely got tired) but it wasn't enough to do much more than give the indices a small bounce off their lows. Final figures are below. As we discussed all the day, the COMP was helped by semis and internet while the small caps took the brunt of the damage. The DJIA was able to rally off its lows and close above the September 27 level I noted below. Even with that "victory" I don't think the DJIA chart is constructive. The VXO closed at its highest level since August 20, but each peak this year saw peaks above 20.

Remember on Monday when I noted the extremely small intraday range (high to low) of just 3.4 points on the SPX? Today's range is more than 17 points...

The indices are trying to bounce from their 2:00 P.M. lows as we head into the final hour of trading. The weakness is most pronounced in the RUT while the COMP is barely below breakeven. The VXO remains near its high for the day and is at its highest level since August 23....

Checking in on my list of 35 or so major sector Exchange Traded Funds (ETFs) reveals an interesting but not completely unexpected mix. The interesting aspect is that there are actually sectors trading moderately higher despite the broad market weakness. The not completely unexpected part is that semis and internet are the strong groups, which of course is compliments of INTC and YHOO. However, you can see that the strength drops off quickly and the top five losing sectors are all down more than two percent each. (Note: The AMEX Gold Bugs Index (HUI) is also included in my list of ETFs because there is no ETF to properly represent the sector - yet.)

Top Five Performing Sector Exchange Traded Funds:

• Semiconductor HOLDRS (SMH) = +1.56 percent
• iShares GS Semiconductor Fund (IGW) = +1.31 percent
• Internet HOLDRS (HHH) = +0.68 percent
• iShares GS Networking Fund (IGN) = +0.40 percent
• iShares Lehman 20+ Yr Treasury (TLT) = +0.28 percent

Bottom Five Performing Sector Exchange Traded Funds:

• iShares DJ Energy (IYE) = -2.25 percent
• Biotech HOLDRS (BBH) = -2.58 percent
• iShares GS Natural Resources Fund (IGE) = -2.58 percent
• Amex Gold Bug Index (HUI) = -2.86 percent
• iShares DJ Basic Materials (IYM) = -3.28 percent

While my attention has been focused on the SPX, check out the daily chart of the DJIA. The blue chip index is testing the water below its September low. Not exactly the type of action that instills confidence...

Chart courtesy of ILX Systems