The day ends with the Dow Jones Industrial Average (DJIA) showing a gain of 30 points. The S&P 500 (SPX) and Nasdaq Composite (COMP) posted small gains as well while the Russell 2000 (RUT) was flat.
The Amex Gold Bugs Index (HUI), US Oil Fund (USO), and Natural Gas Index (XNG) led while the Regional Bank HOLDRS (RKH), Russell 2000 (RUT), and Broker/Dealer Index (XBD) lagged.
Regular readers of this space can probably guess my curmudgeonly response to the day's action. My midday post touched on the light participation and the afternoon was downright dull. We headed into the lunchtime lull with the Dow sporting a low-to-high range of only 60 points. As it turns out, that was the exciting part of the day. The second-half action was a listless drift sideways, but that is the nature of the market ahead of a holiday. I see no need to try to read more into it. I would expect the activity on Friday to be light as well.
And speaking of that, I wanted to let you know that I will be stepping away from the action on Friday. However, one of my colleagues will be here to keep you abreast of anything that might develop. I will return on Monday with an eye on the daily chart of the SPX. As shown below, the S&P 500 is threatening to breakout so next week could be interesting. Until then, I want to wish everyone a happy Thanksgiving.
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