Midday Market Check - The Amex Gold Bugs Index Leads While the Regional Bank HOLDRS Lags

We head into the second half of the session with some relatively sluggish broad market action on the screen. The S&P 500 (SPX) was hit with some mid-morning selling but has since bounced back to flat. The Regional Bank HOLDRS (RKH) and S&P Retail Index (RLX) are the weakest areas while commodity corner leads. As the daily chart below shows, the Amex Gold Bugs Index (HUI) is trying to push above the near-term resistance zone I have been noting.

Chart Courtesy of Thomson Financial

Click here for symbol descriptions

Chart Courtesy of Thomson Financial

Here are a few of the analyst upgrades and downgrades that I forgot to note this morning...my apologies...

Upgrades
• Anadarko Petro (APC)
• Arbitron (ARB)
• Fiserv (FISV)
Downgrades
• Concur Tech (CNQR)
• Exar (EXAR)
• Nucor (NUE)
• Reynolds American (RAI)
• SanDisk (SNDK)
• Urban Outfitters (URBN)

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