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Market's rather quiet as morning session fades

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Stocks are rather quiet today and the broader market averages remain in the red. Sector bullishness can be found in the Gold/Silver Index (XAU.X) +3.46% along with some oil producers as depicted by the Oil Index (OIX.X) edges up 1.84.

Technology stocks are under some selling pressure, undoubtedly brought on by some profit taking from last week's bullish performance and some more cautious comments from some of the major brokerage houses regarding valuations among many technology-related stocks and even the broader market's valuation.

Goldman Sachs downgraded Asian DRAM stocks including Samsung, Nanya, Powerchip, and Winbond due to expected weakness in DRAM pricing caused by growth in supply of 0.15 micron chips as yields improve, inventory build-up by spot dealers, and psychological risk that Micron (NYSE:MU)/Hynix deal will fail. Shares of Micron Technology (MU) $36.40 -4.61% have the Semiconductor Index (SOX.X) trading lower by 3.21%. Other sector heavyweights have Alteral (NASDAQ:ALTR) $23.70 -4.47%, LSI Logic (NYSE:LSI) $17.75 -4.46% and Texas Instruments (NYSE:TXN) $34.27 -4% trading lower. All of the components of the Semiconductor Index (SOX.X) are down on the session, with Advanced Micro Devices (NYSE:AMD) $16.13 -0.49% down just fractionally.

What sectors do we follow?

Quite often I get asked about the various sectors I follow on a daily basis and what the q-charts symbols are for those sectors. here's my screen capture taken at approximately 12:55 EST.

Market watch list

About 3/4 of the way down the list, you will see a symbol DFX.X. This is the "Defense Index" and it is listed on the AMEX web page (www.amex.com).

Subscribers to OptionInvestor.com can visit our "Market Posture" sector of the site and click the links of the various index symbols. Those links will take you to the appropriate exchange where the indexes are listed and you can get the stock symbols that comprise the index.

Jeff Bailey
Senior Market Technician
Option Investor

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