Midday Market Check - The Dow Jones Industrial Average Gains 106 Points

We head deeper into the second half of the session with the Dow Jones Industrial Average (DJIA) up 106 points. As the intraday chart shows, the bulk of the buying hit this morning. The action for the last 3 hours has been a sideways drift. The S&P 500 (SPX) and Russell 2000 (RUT) are each up more than 1% while the Nasdaq Composite (COMP) is slightly weaker.

Today's strongest groups are the Cyclical Index (CYC), CBOE Internet Index (INX), and AMEX Pharmaceutical Index (DRG). The Regional Bank HOLDRS (RKH), SPDR Homebuilders (XHB), and iShares Treasury Bond (TLT) are the weakest areas.

I ended Friday's session noting that the SPX and Dow were still holding their recent breakouts while the COMP and RUT were stuck in congestion. Today's gains are helping to bolster the technical picture, but the Nasdaq Composite and Russell 2000 still need more in order to breakout. I will follow-up after the close with the usual daily charts.

Chart Courtesy of Thomson Reuters

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