Daily Wrap-up - A 93-Point Loss for the Dow Jones Industrial Average

The day ends with the Dow Jones Industrial Average (DJIA) showing a loss of 93 points. The decline represents a loss of nearly 1% but that is well off the morning lows. The S&P 500 (SPX) and Nasdaq Composite (COMP) each lost over 1% while the Russell 2000 (RUT) dropped 2.4%.

The Amex Gold Bugs Index (HUI), iShares Treasury Bond (TLT), and streetTRACKS Gold (GLD) led while the Oil Service HOLDRS (OIH) and Semiconductor HOLDRS (SMH) were the two weakest areas.

My midday post noted that the S&P 500 and Nasdaq Composite had dipped back below the support/resistance I have been discussing. However, the Dow and Russell 2000 are still holding above support so it will be interesting to watch how this plays out. Up until now I have fairly unconcerned about the lack of decisive breakouts by the SPX and COMP so we will get to see if my complacency was a warning sign. And that is where I will pick up in the morning. Have a nice evening.

Chart Courtesy of Thomson Reuters

Click here for symbol descriptions

Charts Courtesy of Thomson Reuters

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