The week ends with little excitement, at least at the broad market level. An early loss was reversed and the S&P 500 (SPX) closed flat on the day. Ditto for the Dow Jones Industrial Average (DJIA). The Nasdaq Composite (COMP) and Russell 2000 (RUT) posted losses but they were too minor to really be mentioned.

The action at the sector level was mostly quiet too. The main exception was commodity corner which popped to an early lead. The Oil Service HOLDRS (OIH), Oil & Gas Index (XOI), Natural Gas Index (XNG), Amex Gold Bugs Index (HUI), and streetTRACKS Gold (GLD) all gained well more 2%. The Amex Networking Index (NWX) was also relatively strong. The Regional Bank HOLDRS (RKH), Broker/Dealer Index (XBD), and S&P Retail Index (RLX) were the weakest areas. The rest of the pack was flattish.

Last night I noted the SPX's bounce off support was becoming a bit more respectable. With today's close near breakeven the daily chart below shows little change (obviously) but I thought that point was worth bringing up again in the context of this week's overall action. We have now had a successful push through resistance and retested that as support. Until we see a breakout I would say we are in a short-term consolidation phase, which I view as being constructive. And that is where I will pick up on Monday. However, before I signoff, I do want to offer my sincere apologies for a lackluster day in terms of content. I was distracted with a couple of projects and simply hit a wall. I will try to do better next week...

Have a great weekend!

Chart Courtesy of Thomson Financial

Chart Courtesy of Thomson Financial

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