by Nick Perry
We head into the second half of the session with a quiet day on our hands. The Dow Jones Industrial Average (DJIA) has traded in a low-to-high range of less than 45 points and currently shows a gain of 25 points. The S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) are slightly stronger.

The Natural Gas Index (XNG) is the standout advancer, helped in part by Exxon Mobil Corp’s (XOM) acquisition of XTO Energy Inc (XTO). The Cyclical Index (CYC), Oil Service HOLDRS (OIH), and Amex Gold Bugs Index (HUI) are also relatively strong. The Broker/Dealer Index (XBD), Amex Networking Index (NWX), iShares Treasury Bond (TLT), and CBOE Internet Index (INX) are the weakest areas.

When I left the action on Thursday I noted that the Nasdaq Composite was in position to threaten to the upper boundary of the recent range. The broad market indices were flat to slightly higher on Friday with the COMP more on the flat side. In other words, we still don’t have a decisive breakout. However, the other indexes now near the top of their ranges as well. As usual, I will follow up after the close with the daily charts.

If you enjoyed this post then Subscribe to Savvy Investor via RSS