Effect:

The magician asks for a volunteer from the audience who looks inside a bottle to make sure it's a normal, empty container. The volunteer returns the bottle and then examines a magic wand to ensure it is normal. The magician drops the wand into the bottle (noting how easily it falls in). He/she turns bottle over and lets go of the wand. The wand magically remains suspended in the bottle.

Supplies:

~a magic wand (could use a pencil instead) that is taller than the bottle (when you drop the wand into the bottle, part of it should still be sticking up through the opening.~a bottle that has an opening large enough to fit the wand in (but not too big). The bottle cannot be see-through ~an eraser
If you don't have a bottle that is dark, you can put some dark paint inside the bottle and shake it around so the inside is painted.
Cut a piece off the eraser, just large enough to wedge the wand into the opening of the bottle. The eraser is what makes the trick work!

Secret:

Pass the bottle to the volunteer and ask them to make sure its empty.
Take back the bottle and give your friend the wand. Meanwhile, slip the piece of eraser into the bottle without anyone seeing (you can have it in your pocket until this point). You'll need to practice this a few times.
Take the wand back and drop it into the bottle.
Pick up the wand and bottle and turn them VERY SLOWLY upside down (mumble all sorts of enchantments while you're doing this). Pull on the wand slightly when the bottle is turning over so the piece of eraser gets wedged into the opening (you'll need to practice this a few times too).
Let go of the wand... PRESTO! It doesn't fall out.
Slowly turn upright again. Let go of everything and PRESTO the wand remains suspended in the bottle (it doesn't fall back down).
To remove the wand, push it slightly to release the rubber and then take it out.