We head into the second half of the session with the Dow Jones Industrial Average (DJIA) trying to rebound. At its worst levels, the blue chip average was down 91 points. The early drop has been more than halved as the Dow shows a current loss of 35 points. The S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) are showing mild-to-moderate losses.

The only gainers on my list are the Amex Biotech Index (BTK), Semiconductor HOLDRS (SMH), and iShares Treasury Bond (TLT). The US Oil Fund (USO), PowerShares Clean Energy ETF (PBW), and Broker/Dealer Index (XBD) are the weakest areas.

by Nick Perry – I ended yesterday talking about the potential for whipsaw moves and noise. While the jury is still out on whether the opening dip is going to be reversed, I still think the action will only dry up from here so I am not putting too much emphasis on the charts. I hate to sound like a broken record…broken record…broken record, but I hate it even more when the action is played up just for the sake of writing something. Sometimes the market is just dull. Trying to force it to be something else is only asking for trouble from a trading perspective.

One a side note, is the phrase “like a broken record” going to become obsolete? I can’t remember the last time I actually heard a record and I am willing to bet younger generation never have. Is there a more current phrase I should be using?

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