Daily Wrap-up - A 132-Point Gain for the Dow Jones Industrial Average

The day ends with the Dow Jones Industrial Average (DJIA) showing a gain of 132 points. The S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) each joined the Dow in rallying more than 1%.

The CBOE Internet Index (INX), Amex Gold Bugs Index (HUI), and Russell 2000 (RUT) led while the Broker/Dealer Index (XBD), iShares Treasury Bond (TLT), US Oil Fund (USO), and Amex Biotech Index (BTK) lagged.

My midday post touched on the question of whether the rally would hold. At its highs of the session, the Dow ticked to a gain of 177 points so the close was off the best levels but the market still put in a solid day. Despite the upbeat start to the week, I still think the temptation of time off is going to pull traders away from the action. I don't think that means we have to see a selloff but I do think it ups the chances of whipsaw moves and all around noise.

The one upside to whippy markets is that you can sometimes find good entry points on counter-trend stock moves. In this market that could mean finding quick pullbacks amid uptrends. And that is where I will pick up in the morning. Have a nice evening.

Chart Courtesy of Thomson Reuters

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Charts Courtesy of Thomson Reuters

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