We head toward the second half of the session with a fairly nasty reversal on our hands. The Dow Jones Industrial Average (DJIA) is at its lows of the day as it drops 170 points. The S&P 500 (SPX) and Nasdaq Composite (COMP) are showing comparable percentage losses while the Russell 2000 (RUT) is slightly weaker.
Today's strongest group is the iShares Treasury Bond (TLT). The Amex Gold Bugs Index (HUI), Oil Service HOLDRS (OIH), Regional Bank HOLDRS (RKH), and Amex Networking Index (NWX) are among the weakest areas.
The drop, of course, reverses the bulk of yesterday's 200 point rally. Regular readers may have also noticed that the sector chart is once again showing a mirror image to what was discussed yesterday afternoon. The Amex Gold Bugs Index and iShares Treasury Bond have been swapping places for a few days now.
The broad market indexes are currently showing mild-to-moderate losses on the week, but the day is far from over. As usual, I will be back after the close with the final figures and charts.
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