Midday Market Check - A 400-Point Range But Little to Show

We head deeper into the second half of the session with an indecisive market on our hands. The Dow Jones Industrial Average (DJIA) has been down as much as 220 points and up as much as 190 points. However, a current quote shows the Dow just a chip shot below breakeven. In other words, it is a whippy day with traders still unable to pick a direction.

A look to the sector action shows some weakness in oil-related areas. The Oil Service HOLDRS (OIH) and Natural Gas Index (XNG) are both down 8% while the US Oil Fund (USO), Oil & Gas Index (XOI) and PowerShares Clean Energy ETF (PBW) drop 4%. Gold is up 2% and the Amex Gold Bugs Index (HUI) is trying to bounce back from some recent selling. The Semiconductor HOLDRS (SMH) is also relative strong.

Chart Courtesy of Thomson Financial

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