TECHNICALS

After taking the lead for the first couple of week of 2007, tech and "the tech heavy nazdaq" have lagged the last few days on the heels of poorly recieved earnings numbers from INTC and AAPL.

The DJIA finished down 5, NAZ down 18 and SPX down 1. The semis, after starting the year strong have given back much of the gains yesterday and today.

Strongest performers today were metals, oils, homies, drugs and biotech; leading lower were semis, airlines, gaming, GOOG, trannies, tech, internets and small caps.

The SPX and OEX had about as many winners as losers while the NDX had about 7 losers to every 3 winners.

Big index winners were LINTA CHKP ABT F LEN and PHM while big losers were CPWR INTC AV CSCO XRX XMSR DISCA LVLT and SIRI.

The VXO is back on the radar as it now trades near the oversold level of 10 and about 10% below its 10 day SMA. And for folks that are interested, the QQQQ is back down to a 2 day RSI under 30 after hitting the high 90's a few days ago as the tech rally seems to be stalling on less than stellar tech news.