Weekly Wrap-up - The Dow Jones Industrial Average Gains 310 Points on the Week

The day ends with the broad market indexes more or less flat. The Amex Gold Bugs Index (HUI), S&P Retail Index (RLX), and Dow Jones Transport Index (.TRAN) led while the US Oil Fund (USO), Oil Service HOLDRS (OIH), and Regional Bank HOLDRS (RKH) lagged.

However, my midday post noted today's lackluster action was on the heels of moderate gains for the week. The Dow Jones Industrial Average (DJIA) gained 310 points, 3%, relative to last Friday's close. The S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) also ended the week up 3%.

As far as my overall thoughts, I think the bounce off support discussed yesterday is the most noteworthy event. The Nasdaq Composite rallied off its recent lows while the S&P 500 kissed the 80-day moving average Bernie Schaeffer discussed last week.

At the very least it shows there's still some sideline money that is willing to jump in. Looking ahead to next week, we still have the Russell 2000 battling overhead resistance. Also, the Dow is in a position to challenge its recent highs. A blue chip breakout always makes the headlines so that could generate some buzz. And that is where I will pick up on Monday. Have a great weekend.

Chart Courtesy of Thomson Reuters

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Charts Courtesy of Thomson Reuters

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