Daily Wrap-up - A Late-Day Bounce Isn't Enough

8/20/2008 4:54 PM

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The day ends with a late-session bounce that buoyed the S&P 500 (SPX) back towards its highs of the day. The S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) posted moderate gains while the Nasdaq Composite (COMP) and Russell 2000 (RUT) were closer to flat.

My best description for the sector view would be one word - sporadic. On one hand, we had some strong gains in the Regional Bank HOLDRS (RKH) and oil-related indices. Meanwhile, there was some moderate weakness in the Semiconductor HOLDRS (SMH), Dow Jones Transport Index (.TRAN), AMEX Pharmaceutical Index (DRG), and Amex Biotech Index (BTK). The rest of the pack was somewhere between those two extremes.

Chart Courtesy of Thomson Financial

Index	Index Value	Point Change	Percent Change
S&P 500 (SPX)	1274.5	7.9 points	0.62 percent
Dow Jones Industrial Average (DJIA)	11417.4	69 points	0.61 percent
Nasdaq Composite (COMP)	2389.1	4.7 points	0.20 percent
Russell 2000 (RUT)	731.6	1.6 points	0.22 percent
CBOE Market Volatility Index (VIX)	20.42	-0.86 points	-4.0 percent

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While we did have some moderate gains in the S&P 500 and Dow Jones Industrial Average, it wasn't enough to change the look of the charts below. The SPX is still precariously perched on support while the DJIA remains trapped below resistance. On the bright side, tomorrow brings us a new day and (hopefully) the potential for more exciting action.