Given that the action in the major indices remains lackluster, I thought I would turn our attention to my sector list. Unfortunately, my list of 35 or so major sector Exchange Traded Funds (ETFs) shows little more than a mixed picture. Tech related concerns are trading higher while gold, drugs and energy related firms are trading lower. Overall though, the moves are fairly mute...

Top Five Performing Sector Exchange Traded Funds:

• iShares GS Software Fund (IGV) = +1.26 percent
• Internet HOLDRS (HHH) = +1.13 percent
• Telecom HOLDRS (TTH) = +1.01 percent
• Software HOLDRS (SWH) = +0.98 percent
• iShares DJ Telecommunications (IYZ) = +0.57 percent

Bottom Five Performing Sector Exchange Traded Funds:

• iShares DJ Energy (IYE) = -0.76 percent
• iShares DJ Healthcare (IYH) = -1.03 percent
• Oil Service HOLDRS (OIH) = -1.46 percent
• Pharmaceutical HOLDRS (PPH) = -1.55 percent
• Amex Gold Bug Index (HUI) = -1.67 percent

It appears that the bulls are not yet making a push...The "rally" I mentioned in the intraday chart below fizzled out just about the time I posted it. The SPX has moved back towards breakeven. Gold has also reversed earlier strength and is trading down more than a dollar to 428...

I wanted to share some thoughts we are kicking around on the trading floor...

We had an email thread discussing how the buy-and-hold mantra has been "sold" to the general public. Bob Rack, our President and COO, made the comment that the there are two concepts that people have learned over the past 20 years. One is that you must be invested and index funds are the best way to be invested. The other is that the trick is to buy and hold for retirement. Over time, the market goes up.

As he noted, these ideas have been heavily promoted by the mutual fund industry. Yes this is the same industry has seen a number of investigations, yet still maintains a sterling reputation.

The feedback I read from you on a daily basis leads me to believe you are ahead of the curve when it comes to blindly following the Street. I do, however, think that you are still in the minority when it comes to such thinking. While the implications are far from certain, you have to wonder if it can really work out that "easily". How many people do you know who are still sitting on stocks purchased in the late 1990s waiting for them to come back?

Please, note, I don't mean for this to be all gloom-and-doom, but I think it is important to note that general public sits in a precarious position. Feel free to disagree, I just wanted to stir some thoughts...

This just in...a study shows that when the clock pushes in on noon, I start to get hungry. While that may not seem important, I feel is about as worthwhile as some of the stats we continue to be inundate with.

While I know that some are meant to be more "fun" than "science", I am shocked at the sheer number of "studies" that relate market action and even sports teams to the election.

As I have said before, my view is that emotions heavily impact traders and investors. This makes statistical analysis extremely difficult as reactions can change as things that are perceived as "important" change.

I just want to make sure everyone at least takes a moment to consider the underlying reasons on which studies are based. For example, if I flip a coin every morning for the next month and note how the market closes that day, "some" pattern will emerge. Is it significant? Of course not, even though it is technically a "fact".

I thought the intraday SPX chart was interesting...

Chart Courtesy of Thomson/ILX

Are the bulls making a push? Oil seems to be accommodating for that, but it is important to note that this "rally" only has the SPX up two points....