Promising Start Gives Way to More Downside

The indices ended to the downside after a promising start. Before the opening the futures were higher and the market opened strong, rallied to new snapback highs, but couldn't follow through and sold off rather sharply in the morning. They bounced early afternoon, and then retested mid-afternoon before bouncing back into the close. Net on the day the indices still lost ground, with the Dow down 29.23, the S&P 500 off just 0.68, and the Nasdaq 100 down 3.47. The Philadelphia Semiconductor
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