Daily Wrap-up - A Flat Close for the Dow Jones Industrial Average

The day ends with the Dow Jones Industrial Average (DJIA) and S&P 500 (SPX) more or less flat. The Nasdaq Composite (COMP) and Russell 2000 (RUT) posted minor declines.

The Amex Biotech Index (BTK), Oil Service HOLDRS (OIH), and Semiconductor HOLDRS (SMH) led while the US Oil Fund (USO), Broker/Dealer Index (XBD), and PowerShares Clean Energy ETF (PBW) lagged.

My midday post touched on my overall thoughts. The afternoon push essentially erased the opening dip leaving the day a wash. However, Bernie Schaeffer made an interesting observation I wanted to share. In an email to his analyst team, he offered the following along with an intraday chart of the S&P 500 -

"Is it me, or is it simply amazing how the action in the SPX so far this week exactly mirrors that of last week – same Monday morning gaps, same price levels, all the action in the first ½ hour of trading on Monday, very similar price shape since the first bar on Monday???!!!"

No Bernie, its not just you...

Chart Courtesy of Thomson Reuters

Chart Courtesy of Thomson Reuters

Click here for symbol descriptions

Charts Courtesy of Thomson Reuters

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