Midday Market Check - The Dow Jones Industrial Average Rallies 160 Points

We head into the second half of the session with the Dow Jones Industrial Average (DJIA) slightly off its highs but still holding a gain of 160 points. The S&P 500 (SPX) is up more than 1% while the Nasdaq Composite (COMP) and Russell 2000 (RUT) are each showing gains closer to 2%.

Today's strongest groups are the PowerShares Clean Energy ETF (PBW), CBOE Internet Index (INX), and Semiconductor HOLDRS (SMH). The US Oil Fund (USO), streetTRACKS Gold (GLD), and iShares Treasury Bond (TLT) are the only decliners on my list.

I ended yesterday saying- "the daily charts of the S&P 500 and Nasdaq Composite have what looks to be the beginning stages of a bounce. Though, the charts would look stronger without the close at the low end of the bar." As shown below, today's rally is definitely firming the technical picture up. The question now is whether the gains hold into the close. I will follow up after the bell with the usual assortment of charts.

Chart Courtesy of Thomson Reuters

Click here for symbol descriptions

Charts Courtesy of Thomson Reuters

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