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Pegged at the lows

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The major indexes have been stuck near their lows of the session this afternoon as the broader S&P 500 Index (SPX.X) 900 -1.27% hovers at a psychological support on broader sector weakness.

The Semiconductor Index (SOX.X) 325 -4.87%, which fell to its low of the session at 322.90 at the 11:00 AM EST mark, has been holding near the 325 level in somewhat "remarkable" fashion for the last 4.5 hours, as have most of the sectors and major market averages. The SOX.X remains today's sector loser and only sector showing a loss of greater-than 3%.

Similar technology sector weakness if found, but more in sympathetic fashion with the SOX.X, as the Disk Drive Index (DDX.X) 80.82 -2.8%, Networking (NWX.X) 153 -2.49% and Combined Telecom (IXTCX) 124.92 -1.9% exhibit weakness among technology groups.

Treasuries have finished their session's trade and not unlike stocks, found the bulk of buying done into the 11:00 AM hour, and settled out with the benchmark 10-year YIELD ($TNX.X) finishing at 3.886%, with the longer-dated 30-year YIELD ($TYX.X) holding just above the 4.8% YIELD level at 4.82%.

At one point this afternoon, the CBO Internet Index (INX.X) 108.62 -0.61% actually came back to unchanged levels, but has since moved back into the red. Shares of Amazon.com (NASDAQ:AMZN) $28.94 +15.2% continue to gain and break to yet another 52-week high after last night's earnings report.

Jeff Bailey

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