The Nasdaq is seriously under-performing the broader market today, down ~1% vs the SPX which is only down ~.25bps…..Tech is getting it both ways from high-fliers like AMZN, PCLN and NFLX and then by the old guard like MSFT (which has just broken key near term support making fresh intraday 8 month lows), AAPL down out of the gate and breaking down to a 3 week low, GOOG about to make fresh 7 month lows, and HPQ (also with similar chart to MSFT) which reports earnings Wednesday after the close……
-If Internet weakness accelerates look for the Sox, software and hardware names that have held so far and near 52 week highs (IBM, DELL, ORCL, EMC, CRM & VMW) to join the party….if that happens watch out below……