Midday Market Check - The Dow Jones Industrial Average Bounces Back from 250-Point Loss

We head into the second half of the session with the Dow Jones Industrial Average (DJIA) showing a loss of just 28 points. That is relatively strong given that the Dow was showing a loss of 250 points shortly after the open.

Turning our focus to the sector view shows a mixed and choppy picture. The Broker/Dealer Index (XBD) is the standout mover with a decline of more than 2%. The CBOE Internet Index (INX) and Regional Bank HOLDRS (RKH) are also relatively weak. The Natural Gas Index (XNG) and PowerShares Clean Energy ETF (PBW) are the strongest groups with gains of 1%. The rest of the pack is mulling around breakeven.

Chart Courtesy of Thomson Financial

Click here for symbol descriptions

All in all, the day is quiet at this point. We had a morning bout of weakness but that (at the moment) has transitioned to meandering here. More interesting though, are the charts below which show the broad market indices are still holding near their recent lows. As I have noted in the past, I would view a breakdown here as a warning sign.

Charts Courtesy of Thomson Financial

 Email to a Friend

 Del.icio.us

 Facebook

 Reddit

 Newsvine

 Digg

 Mixx