Dow Shockers Keep Investors Glued to Screens

The Dow Jones Industrial Average might be one way to play an emerging bull market, but the idea that it's a safe bet has been discredited some over the last 24 hours.

The average has been ricocheting violently since Tuesday afternoon when a brief rally spurred by the Fed's 11th rate cut of the year was summarily ended by Merck's(MRK Quote) profit warning. A similarly dour forecast by American Express(AXP Quote) cast a pall on Wednesday's trading, although the average staged a comeback late in the session. After falling 33 points Tuesday, the Dow was roughly flat headed into the close.

"It's my opinion that we're at the end of a cycle where big is better," said Kent Engelke, capital markets strategist at Anderson & Strudwick. ...